The First Deputy Governor, Dr Zakari Mumuni has called for collaboration among financial institutions to combat the threats of cyber-attacks, money laundering and terrorist financing.
“Collaboration is not optional. No single institution, no matter how large or well-resourced, can face these threats alone. We must share intelligence, align standards, and develop resilient systems to protect the integrity of our industry and the trust of those we serve,” Dr Mumuni said in Accra on Wednesday during a forum with players in the financial sector.
In his opening remarks, the First Deputy Governor, said the financial sector faced growing threats that no single institution could combat alone.
Cybersecurity breaches, money laundering, and terrorist financing, Dr Mumuni said were evolving rapidly, making collaboration not just important, but essential.
Dr Mumuni said Ghana was not immune to cyber and technology-related fraud, stating that technology-related fraud cost the country nearly GHS¢10 million in 2024, up from GHS 8.9 million the previous year.
“In 2023, global cyber-attacks on financial institutions surged by 38 per cent, and money laundering flows surpassed $2 trillion,” he stated.
The First Deputy Governor said it was against this backdrop that the Financial Industry Command Security Operations Centre (FICSOC) was established as a strategic institution to foster industry-wide collaboration and shield Ghana’s financial infrastructure from growing cyber risks.
“FICSOC, as a result of this directive, has become a central node for collective defense. It provides real-time threat monitoring, incident sharing, and coordinated responses across member institutions. Its success has led the Cyber Security Authority to designate the Bank of Ghana as the Sectoral Computer Emergency
Response Team (CERT) lead for the financial industry—a critical role in managing sector-wide cyber risks,” Dr Mumuni stated.
The First Deputy Governor said the digital revolution had opened new avenues for innovation and inclusion, but also brought heightened vulnerability.
“As financial services become more digitised and interconnected, deeper integration among institutions is crucial—not only to enhance service delivery, but to promote financial inclusion for millions of unbanked Ghanaians,” he said.
Dr Mumuni said efforts were underway to expand FICSOC’s reach to include all regulated financial institutions in collaboration with the National Insurance Commission, National Pension Regulatory Authority and Securities and Exchange Commission.
“This will extend vital cybersecurity tools and early warning systems to smaller institutions that may otherwise lack robust defenses,” he said.
The First Deputy Governor stressed that the BoG had taken steps over the years, through the 2018 issuance of the Cyber and Information Security Directive (CISD).
The directive, he said established sector-wide cybersecurity standards and helped financial institutions adopt proactive security measures.
Dr Mumuni said the Bank was revising the CISD to address emerging risks from artificial intelligence, cloud computing, data privacy, and digital governance.
Those updates, the First Deputy Governor said would reflect the diverse capacities of institutions while maintaining high standards of resilience and innovation.
BY KINGSLEY ASARE
