Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has urged African pension regulators to strengthen cyber security, data protection and digital resilience as technology transforms pension administration across the continent.

Speaking at the 7th Annual Conference of the Africa Pension Supervisors Association (APSA) in Accra, Dr Asiama said digital innovation presents enormous opportunities to expand pension coverage but also introduces new operational risks that must be carefully managed.

“A promise that cannot be evidenced is not a promise,” he said, stressing that accurate records, secure data and resilient technology systems are fundamental to maintaining confidence in pension schemes.

The Governor noted that mobile money, digital identity systems, electronic contribution platforms and technology-enabled supervision have the potential to improve efficiency, expand pension coverage and strengthen compliance, particularly among workers in the informal sector.

However, he warned that greater reliance on digital infrastructure exposes pension systems to cyber threats, operational failures and data breaches.

“As administration, record-keeping and payment move onto shared digital infrastructure, an operational failure in one place can reach institutions that have no commercial relationship with one another,” he said.

He also cautioned that artificial intelligence introduces new model and conduct risks into financial services, while climate change poses additional threats by affecting both investment portfolios and the ability of workers to make regular pension contributions.

According to Dr Asiama, innovation and resilience must advance together if Africa is to build sustainable pension systems.

He commended the National Pensions Regulatory Authority for strengthening its supervisory framework through the implementation of risk-based supervision, updated operational guidelines and greater emphasis on information technology governance and data protection.

The Governor said Africa has a unique opportunity to embed resilience into new financial infrastructure as its pension industry continues to grow.

He urged regulators to work together to ensure that technological innovation enhances, rather than undermines, public confidence in retirement savings systems.

“The worker contributing today will judge the system by whether its promise was kept, whether the record is correct, whether the assets are there, and whether the savings still provide meaningful security in retirement,” he said.