BoG warns cybersecurity could slow digital finance growth

The Bank of Ghana (BoG) has warned that cybersecurity could become a major challenge to the growth of digital finance in Ghana, noting that smaller financial institutions and last-mile providers may struggle to protect themselves from cyber threats.

Speaking at the Distinguished Digital Finance Lecture on Monday, August 17, 2026, Second Deputy Governor of the BoG, Matilda Asante-Asiedu, said digital payments and interoperability have increased financial inclusion.

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However, she said they have also made the financial system more attractive to cybercriminals.

“Cybersecurity has shifted from a technical afterthought to a scale-limiting constraint in its own right,” she said.

Asante-Asiedu said Ghana’s connected payment system is a major strength, but it also creates risks.

Mobile money, bank accounts and other payment platforms are closely linked, meaning an attack on one institution could affect others.

“The very interoperability that makes our system inclusive also makes it a single, attractive target,” she said.

She said the BoG’s Cyber and Information Security Directive 2026 (CISD 2026) is an important step towards addressing the risks.

However, she said rules alone would not be enough because smaller institutions may lack the money and technical skills needed to meet the requirements.

“Scale that is not secure is not scale; it is exposure,” she warned.

Asante-Asiedu said the BoG would provide more resources to support CISD 2026 and help smaller providers, including Community Banks, improve their cyber resilience.

“Our fourth commitment is to extend the resourcing behind CISD 2026 so that cyber resilience is not a privilege of Tier 1 institutions, but a baseline the entire system, including our smallest Community Banks, can actually meet,” she said.

She also called for stronger cooperation among Ghana’s financial regulators.

Digital lenders, insurance technology companies and virtual asset providers may fall under different regulators, creating possible gaps in oversight.

“Innovation does not respect institutional boundaries, and our regulatory architecture must catch up to that reality,” she said.

Asante-Asiedu said the BoG would work with the National Insurance Commission and the Securities and Exchange Commission through the Financial Stability Council.

She added that regulation should support innovation while protecting the financial system.

“Regulation that is proportionate and predictable is one of the strongest accelerants of innovation,” she said.

ANAS/EB

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