BoG: Over 40 financial institutions integrated into Financial Industry Security Operations Centre

The Bank of Ghana (BoG) has said that over 40 financial institutions are integrated into its Financial Industry Security Operations Centre (FINSOC), enabling real-time threat detection and response.

This is in response to the cybersecurity threats that come along with the rapid expansion of digital technology and financial innovation.

First Deputy Governor Dr Mumuni Zakari, during the 14th Alliance for Financial Inclusion (AFI) Leaders’ Roundtable in Accra on June 20, said that the BoG has long recognised the threats that come along with the rapid technological advancement.

In 2018, he recounted that they issued one of the continent’s earliest Cyber and Information Security Directives for financial institutions, mandating risk-based frameworks, incident response protocols, and regulatory reporting.

The rapid expansion of digital technology and financial innovation is reshaping our economies. In Ghana and across the continent, digital financial services, mobile money, digital credit, agency banking are transforming lives, empowering small businesses, and extending the reach of finance to previously excluded populations.

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Yet, this transformation brings new risks. The very technologies that enable access and innovation also expose our systems to sophisticated cyber threats. As regulators, we are now tasked with a dual responsibility: to promote inclusion while defending the integrity and resilience of our financial infrastructure.

Cybersecurity: A Pillar of Inclusive Finance

The theme of this Roundtable, “Strengthening Cyber Resilience in Digital Financial Services in Africa” is both timely and urgent. Cybercrime is not a distant risk; it is a present danger. In 2022, Ghana alone recorded over 21,000 cyber fraud  attempts in the financial sector most targeting digital platforms. Across Africa, the cost of cybercrime is estimated to exceed $4 billion annually, according to Interpol.
This reality underscores a simple truth: financial inclusion without system integrity is unsustainable. Cybersecurity is no longer an IT issue, it is a strategic imperative at the core of financial governance. Public trust, institutional confidence, and systemic stability now hinge on our ability to anticipate, withstand, and respond to cyber risks.

Ghana’s Response: Embedding Resilience by Design

The Bank of Ghana has long recognised this imperative. In 2018, we issued one of the continent’s earliest Cyber and Information Security Directives for financial institutions, mandating risk-based frameworks, incident response protocols, and regulatory reporting. Today, over 40 financial institutions are integrated into our Financial Industry Security Operations Centre (FINSOC), enabling real-time
threat detection and response.

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“We conduct annual cybersecurity maturity assessments, using international frameworks like NIST and COBIT-5, to inform supervisory action and identify systemic gaps. In 2024, over 40% of assessed entities showed critical vulnerabilities particularly in access control and incident response. We are addressing these gaps with targeted interventions.

“Critically, we are not acting alone. We continue to work closely with Ghana’s Cyber Security Authority, the World Bank, INTERPOL, and the Africa Cybersecurity Resource Centre to bolster expertise and coordinate responses at scale,” he said.