Adapt to technological advancements to align with banking operations – BoG to Savings and Loans firms

The Governor of the Bank of Ghana, Dr. Ernest Addison, has called on Savings and Loans companies to adapt to evolving technological advancements to enhance their operations.

He mentioned that this has become necessary as the financial landscape will undoubtedly continue to evolve, and Savings and Loans firms must position themselves well to adapt and navigate these changes.

Speaking at an event to mark the 20th anniversary of Opportunity International Savings and Loans Limited (OISL), Dr. Ernest Addison said, “Savings and loans companies’ sub-sector can take advantage of these new platforms through collaboration with banks and telecommunication companies to broaden their scope of operations and service offerings for the benefit of our economy.”

“They must, however, be aware of the issues of cybersecurity and operational risks that arise from them. Cyber attacks such as malware, phishing scams, and ransomware attacks can disrupt operations, compromise systems, and affect data integrity,” Dr. Ernest Addison added.

He also encouraged Savings and Loans companies to take advantage of the Financial Industry Command Security Operations Centre (FICSOC) set up by the Bank of Ghana to address these cybersecurity risks.

Dr. Ernest Addison, in his concluding remarks, lauded OISL for empowering the ambitions of its customers by providing them with financial solutions and training, which is in line with the Bank of Ghana’s policy imperative of financial inclusion.

MA/NOQ

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