The bank of ghana (bog): has warned that cybersecurity could become a major challenge to the growth of digital finance in Ghana, noting that smaller financial institutions and last-mile providers may struggle to protect themselves from cyber threats.
According to Ghana Web, speaking at the Distinguished Digital Finance Lecture on Monday, August 17, 2026, Second Deputy Governor of the BoG, Matilda Asante-Asiedu, said digital payments and interoperability have increased financial inclusion. However, she said they have also made the financial system more attractive to cybercriminals. 'Cybersecurity has shifted from a technical afterthought to a scale-limiting constraint in its own right,' she said.
Asante-Asiedu noted that Ghana's connected payment system is a major strength but also creates risks. Mobile money, bank accounts, and other payment platforms are closely linked, meaning an attack on one institution could affect others. 'The very interoperability that makes our system inclusive also makes it a single, attractive target,' she said.
She emphasized the importance of the BoG's Cyber and Information Security Directive 2026 (CISD 2026) as a step towards addressing these risks. However, she expressed concerns that rules alone would not suffice, as smaller institutions may lack the necessary resources and technical skills to comply. 'Scale that is not secure is not scale; it is exposure,' she warned.
To mitigate this, Asante-Asiedu announced that the BoG would provide more resources to support CISD 2026. This would help smaller providers, including Community Banks, enhance their cyber resilience. 'Our fourth commitment is to extend the resourcing behind CISD 2026 so that cyber resilience is not a privilege of Tier 1 institutions, but a baseline the entire system, including our smallest Community Banks, can actually meet,' she said.
Furthermore, she called for stronger cooperation among Ghana's financial regulators, noting that digital lenders, insurance technology companies, and virtual asset providers may fall under different regulators, leading to potential gaps in oversight. 'Innovation does not respect institutional boundaries, and our regulatory architecture must catch up to that reality,' she said.
Asante-Asiedu concluded by stating that the BoG would collaborate with the National Insurance Commission and the Securities and Exchange Commission through the Financial Stability Council, aiming to ensure that regulation supports innovation while protecting the financial system. 'Regulation that is proportionate and predictable is one of the strongest accelerants of innovation,' she said.