Business News of 2026-10-16
BoG warns of rising cyber risks as mobile money use grows
The Bank of Ghana (BoG) has raised concerns about growing cyber threats to digital payment systems as more Africans rely on mobile money and online transactions.
According to the central bank, the increasing use of digital platforms to transfer money, pay bills and conduct business has made them attractive targets for cybercriminals.
Speaking at a training programme organised by the West African Institute for Financial and Economic Management (WAIFEM) on Monday, October 12, 2026, Director of the BoG’s Payment Systems Department, Clarence Blay, called for stronger security measures to protect digital transactions.
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He explained that digital payments had become an important part of everyday life, making their security critical to maintaining public confidence in the financial system.
"While individual transaction values are low, in aggregate they are high. The utility of these systems is so high that you have a responsibility to protect your systems to maintain confidence," he stated.
Blay noted that although digital payment systems had made financial transactions easier, security failures could affect individuals, businesses and financial institutions because of their growing importance.
He disclosed that Ghana had established the Financial Service Industry Command Centre to help financial institutions share information on cyber threats and strengthen their ability to respond to attacks.
He also highlighted the role of artificial intelligence (AI) in improving financial security, explaining that the same technology used by cybercriminals could help financial institutions protect their systems.
Beyond cybersecurity, he urged African central banks to embrace emerging financial technologies, including stablecoins, digital assets and embedded finance, while putting appropriate safeguards in place.
He also raised concerns about technology companies that process digital payments but operate outside the direct supervision of central banks, stressing the need for stronger cooperation with such providers.
On cross-border trade, Blay called for cheaper and faster payment systems to make it easier for African businesses to trade with one another without incurring high transaction costs.
"We have to create opportunities for people on the continent to trade among themselves. When you trade, you have to make payments. So you need a payment system that is less expensive, that is more efficient, that does not cost an arm and a leg to execute a transaction," he noted.
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He encouraged central banks to support innovation while ensuring that digital payment systems remained secure, reliable and capable of supporting Africa’s growing digital economy.
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