Cybersecurity Must Be Core to Financial Governance – BoG First Deputy Governor
The First Deputy Governor of the Bank of Ghana (BoG), Dr. Zakari Mumuni, has highlighted the serious economic threat posed by cybercrime, revealing that Africa loses an estimated US$4 billion annually due to cyber fraud.
Dr. Mumuni made this statement during his speech at the 2025 Africa Financial Inclusion Policy Initiative (AfPI) meetings, held in Accra, Ghana. His remarks underscore the critical need for urgent reforms in the digital financial ecosystem to combat cybercrime and protect financial integrity across the continent.
The Growing Threat of Cybercrime in Africa
The AfPI roundtable, co-hosted by the Bank of Ghana and the Alliance for Financial Inclusion (AFI), brought together policymakers, financial leaders, and regulators from across Africa. Under the theme “Strengthening Cyber Resilience in Digital Financial Services in Africa: The Role of Financial Regulators”, the event focused on addressing the challenges of cybersecurity within the digital finance sector.
Dr. Mumuni highlighted the pervasive nature of cybercrime, noting that it is no longer a distant threat but a present danger that requires immediate action. In 2022, Ghana alone recorded over 21,000 cyber fraud attempts, most of which targeted digital financial platforms. This alarming statistic reflects the growing vulnerability of Africa’s financial sector in the face of digital transformation.
He emphasized, “Financial inclusion without system integrity is unsustainable. Cybersecurity is no longer just an IT issue; it is a strategic imperative at the core of financial governance.”
Digitalization and the Vulnerable: Balancing Risks and Rewards
The Alliance for Financial Inclusion (AFI) CEO, Dr. Alfred Hannig, echoed the need for a balanced approach to financial inclusion in the digital age. While digitalization has significantly improved access to financial services, especially for the poor and underserved, it also exposes vulnerable individuals to financial risks.
Dr. Hannig pointed out, “Digital payments and transfers have expanded financial services, reducing costs and improving service quality. However, technologies come with risks that can have dramatic consequences, especially for the vulnerable. If we don’t get it right, poor people could lose the little they have in just one day.”
The 14th Annual AfPI Roundtable serves as an essential platform for financial sector leaders to collaborate on policy actions, share knowledge, and develop proactive solutions to mitigate the rising cybersecurity threat. The meeting underlined that cybersecurity is now a continental challenge that requires cooperation and innovation to protect digital financial services across Africa.
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