Accra: Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has urged African pension regulators to strengthen cyber security, data protection, and digital resilience as technology transforms pension administration across the continent. Speaking at the 7th Annual Conference of the Africa Pension Supervisors Association (APSA) in Accra, Dr. Asiama highlighted the dual aspects of digital innovation-offering significant opportunities for expanding pension coverage while introducing new operational risks that require careful management.
According to Ghana Web, Dr. Asiama emphasized that the assurance of pension promises hinges on accurate records, secure data, and resilient technology systems, which are essential for maintaining confidence in pension schemes. He pointed out the potential for mobile money, digital identity systems, electronic contribution platforms, and technology-enabled supervision to improve efficiency, expand coverage, and strengthen compliance, especially among informal sector workers.
However, Dr. Asiama also cautioned that increased reliance on digital infrastructure makes pension systems vulnerable to cyber threats, operational failures, and data breaches. He underlined the risk that operational failures in one area can impact multiple institutions, even those without direct commercial ties. The Governor further noted that artificial intelligence introduces new model and conduct risks, while climate change affects investment portfolios and workers' capacity to contribute regularly to pensions.
Dr. Asiama stressed the importance of advancing innovation and resilience together to build sustainable pension systems in Africa. He praised the National Pensions Regulatory Authority for enhancing its supervisory framework through risk-based supervision, updated operational guidelines, and a stronger focus on IT governance and data protection. Africa, he said, has a unique opportunity to embed resilience into its growing financial infrastructure.
He urged regulators to collaborate to ensure technological innovation bolsters public confidence in retirement savings systems. 'The worker contributing today will judge the system by whether its promise was kept, the record is correct, the assets are secure, and the savings provide meaningful retirement security,' he concluded.