2018: BoG was swift against cyber security threats – Report

The Bank of Ghana (BoG) has said it issued a cyber-security regulation for the financial industry in Ghana in 2018 in order to further protect the financial sector against cyber attacks.

The BoG further stated in the Payment Systems Oversight Annual Report, 2018 that Consumer protection and recourse mechanisms, information technology, security and data protection, service interruptions and business continuity plans were examined in conjunction with other stakeholders.

“The retail sub sector oversight activities were geared towards engendering consumer trust and confidence in electronic payments.

“Consumer protection and recourse mechanisms, information technology, security and data protection, service interruptions and business continuity plans were examined by the Bank in conjunction with other stakeholders.

“The Bank also issued a cyber-security regulation for the financial industry to enhance service provider systems and capabilities against cyber risk. Overall, the retail payment space was assessed to be sound,” the report said.

It added : “The retail payments interoperability project, which was successfully launched in May 2018, is made up of the mobile money sub-sector and the interbank retail payment sub-sector.

“Under the mobile money sub-sector, funds are transferred seamlessly from across mobile money wallets on different platforms.

“The integration of the mobile money sub-sector with the interbank retail payment sub-sector ensures transfer of funds across mobile money wallets and bank accounts.

“Similarly, transfer of funds from mobile money wallets to E-Zwich biometric payment cards is now feasible.