BoG Deputy Governor Highlights Cybersecurity, Women’s Finance Initiatives

By Mavis Emefa Goka / June 26, 2025

Dr. Zakari Mumuni, First Deputy Governor of the Bank of Ghana (BoG), says the central bank is intensifying efforts to combat cyber threats as digital finance becomes more widespread across Africa.

Speaking at the 14th Alliance for Financial Inclusion (AFI) Leaders’ Roundtable on the theme “Strengthening Cyber Resilience in Digital Financial Services in Africa,” Mumuni said cybercrime is no longer a distant threat but a present and growing danger.

“In 2022 alone, Ghana recorded over 21,000 attempted cyber fraud incidents in the financial sector, most of which targeted digital platforms,” he said.
Citing data from Interpol, Mumuni noted that cybercrime costs Africa more than $4 billion annually. He stressed that the integrity of financial systems is essential for meaningful financial inclusion.

“Cybersecurity is no longer just an IT issue. It is a strategic imperative that underpins public trust, institutional confidence, and systemic stability,” he said.

Mumuni said the BoG recognized this risk early and, in 2018, issued one of the continent’s first Cyber and Information Security Directives for financial institutions. The directive mandated risk-based frameworks, incident response protocols, and regulatory reporting.

Currently, more than 40 financial institutions are connected to the Financial Industry Security Operations Centre (FINSOC), enabling real-time threat detection and response. The bank also conducts annual cybersecurity maturity assessments using global standards like NIST and COBIT-5.

“In 2024, over 40% of assessed entities showed critical vulnerabilities, particularly in access control and incident response,” he said. “We are addressing these gaps with targeted interventions.”

The BoG, he added, is working with the Cyber Security Authority, INTERPOL, the World Bank, and the Africa Cybersecurity Resource Centre to strengthen coordinated responses.

In addition to cybersecurity, Mumuni said the Bank of Ghana is committed to promoting gender-inclusive finance. He cited Ghana’s 2023 decision to join the African Development Bank’s AFAWA initiative, which aims to support women entrepreneurs with access to credit through risk-sharing tools and technical assistance.

He also announced that under the leadership of former President John Dramani Mahama, Ghana is setting up a Women’s Development Bank, with GHS 51.3 million earmarked in the 2025 national budget.

“This institution will directly address the persistent credit gap faced by women-led businesses, particularly in agriculture, trade, and technology,” Mumuni said. “Women’s financial inclusion is not just a social obligation—it is smart economic strategy.”