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Business News of Wednesday, 13 June 2018

Source: kasapafmonline.com

BoG to improve banks security

Bank of Ghana will at the end of the month put a stop to all fraudulent activities related to the payment system.

BoG has formulated a banking sector cyber and information guidelines to safeguard consumers and create a secure environment for online and e-payment offers

The development, according to the central bank will be executed in partnership with banks and telcommunication networks.

Speaking to Citi Business News on the matter, the First Deputy Governor of the Bank of Ghana, Maxwell Opoku-Afari nailed down the fact that the Payment Systems Department of the BoG is constantly employing banks to improve the security of the banking sector

Mr. Opoku-Afari guaranteed that ”The Payment Systems Department of the BoG is regularly engaging banks and telcos that are operating E-Payments and Mobile Money transactions to try to work within guidelines and framework to ensure the safety of consumers.

“As we use this platform in this ecosystem to drive financial inclusion we also have the protection and the stability of the financial system in mind so that whatever we do is geared towards protecting the consumer,” he added.

Though digitalization of banking operations has upgraded services, it has given rise to risk for users. Banks are encouraged to take steps to protect their customers against cyber crime.