The Bank of Ghana (BoG) has announced new measures to strengthen cybersecurity and combat financial fraud as the use of digital financial services continues to grow.

Director of Information Security at the BoG, Daniel Kulu, said the growth of digital finance has also increased the risks facing customers and financial institutions.

He made the remarks on behalf of the BoG Governor at the launch of the 2026 National Cybersecurity Awareness Month on Thursday, October 1, 2026.

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According to him, mobile money flows reached more than GH¢40 billion in June 2026, while transactions processed through mobile money platforms were close to GH¢493 billion.

“These are not simple statistics. They represent millions of Ghanaians trusting digital channels with their daily livelihoods, their savings and their businesses,” he said.

Kulu said the increase in digital transactions has also created more opportunities for fraudsters.

He noted that the Cyber Security Authority recorded 3,900 cybersecurity incidents between January and July 2026, with nearly half linked to online fraud.

He added that fraud cases reported by banks and payment service providers increased by about 48% in 2025, with funds worth more than GH¢100 million placed at risk.

“Digital finance is expanding faster than the guardrails around it, and closing that gap is a shared responsibility,” he said.

Kulu said the BoG has revised its Cyber and Information Security Directive to address emerging threats, including risks linked to artificial intelligence, cloud computing and data security.

He added that the Bank is also developing a fraud intelligence hub to enable financial institutions to share information on emerging fraud patterns and threats.

“We are moving towards a more collaborative and intelligence-led approach to combating financial fraud and strengthening resilience in Ghana’s financial sector,” he said.

Kulu also urged Ghanaians to protect their personal financial information, particularly when using digital platforms.

“Treat your PINs, passwords and one-time codes with the same care you would give to the keys to your home,” he said.

ANAS/MA

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