BoG committed to fighting cybercrime – Governor assures

The Bank of Ghana (BoG) Governor, Dr. Ernest Addison, has emphasiSed the central bank’s commitment to fighting cybercrime in the banking industry while also promoting financial inclusion through digital solutions.

Dr. Addison made the remarks at GCB Bank’s launch of a new mobile banking application called ‘RECODED’. He stated that BoG’s financial industry cybersecurity project has commenced operation this year, providing intelligence for banks to improve incident responses to cyber-threats.

“The project will help provide real-time visibility into cyber-attacks targetted at the banking sector,” he explained – noting that while progress has been made, gaps remain around financial access.

Dr. Addison said GCB Bank’s new app helps address these gaps and meets the needs of tech-savvy youth through innovative, customer-focused solutions that can drive an inclusive, sustainable economy.

However, he cautioned that with digital advancement comes heightened cyber-risks that can negate benefits if not properly managed. He cited prevalent attacks like data breaches, urging banks to bolster cybersecurity infrastructure.

“Financial education and awareness is crucial in protecting banks and customers from cyber-attacks,” Dr. Addison advised, suggesting deployment of AI and machine learning to detect threats and investigate potential flaws.

The central bank chief reiterated BoG’s commitment to enabling financial inclusion, praising technology innovations that have expanded access to financial services beyond traditional banking.

He recalled past IT initiatives that transformed banks into tech-driven institutions with optimised, efficient operations to better serve customers.

“Advances in technology and customers’ desire for digital financial services will continue to propel banks toward full digitisation,” he predicted, noting mobile banking’s convenience has made it indispensable for accessing accounts anytime, anywhere.

Dr. Addison assured the BoG will foster an environment where technology can expand financial services to all segments of society, applauding GCB Bank’s significant role in digital banking and wishing them success.