As cyber threats grow more sophisticated and costly, central banks and financial regulators across Africa are being called to unite and act decisively. At the 14th Annual Roundtable of the Leaders of the African Financial Inclusion Policy Initiative (AFI), Dr. Zakari Mumuni, First Deputy Governor of the Bank of Ghana (BoG), made a clarion call: Africa must forge a united cyber defense strategy to safeguard its growing digital financial systems.
Delivering a compelling address at the summit, Dr. Mumuni warned that cybercrime has evolved into a continental crisis, costing Africa over $4 billion annually, with financial systems becoming primary targets. He called on African regulators to build a shared infrastructure of resilience, intelligence-sharing, and coordinated response.
“Cybersecurity is not an IT problem—it is now a strategic pillar of financial governance,” Dr. Mumuni declared. “No country can confront it alone. Our strength lies in collaboration.”
Rising Threats in a Booming Digital Landscape
Africa’s financial sector is undergoing a digital revolution, with mobile money, agency banking, and digital credit transforming access to finance for millions. Yet, as Dr. Mumuni highlighted, these innovations come with high-stakes vulnerabilities.
In Ghana alone, more than 21,000 cyber fraud attempts were recorded in the financial sector in 2022, mostly targeting digital platforms. Across the continent, Interpol data shows cyberattacks have surged by 150% in just one year.
AFI CEO Dr. Alfred Hannig reinforced the warning, noting that the poorest Africans are at greatest risk. “A single cyber breach could wipe out a vulnerable individual’s savings in moments,” he cautioned.
Bank of Ghana Leading the Charge
The BoG has been one of Africa’s most proactive regulators in the cybersecurity space. Dr. Mumuni revealed that Ghana was among the first countries on the continent to issue cybersecurity directives to financial institutions, mandating risk-based frameworks, incident reporting, and regulatory compliance.
To date, over 40 Ghanaian financial institutions have been linked to the Financial Industry Security Operations Center (FISOC), allowing for real-time threat detection. However, a 2024 assessment still found that 40% of institutions faced critical cybersecurity vulnerabilities, particularly in access control and incident response.
In response, the BoG has stepped up collaboration with the Ghana Cyber Security Authority, Interpol, the World Bank, and the Africa Cyber Security Resource Center.
Financial Inclusion Must Not Come at the Cost of Security
Dr. Mumuni warned against treating cybersecurity as an afterthought in Africa’s financial inclusion agenda. “Inclusion without integrity is unsustainable,” he stated. He advocated embedding consumer protection, clear complaint resolution systems, and financial literacy outreach into digital finance frameworks, especially for women, youth, and underserved communities.
He also shared Ghana’s commitment to gender-inclusive finance, highlighting the country’s 2023 entry into the AfDB’s AFAWA initiative, and plans to launch a Women’s Development Bank with GHS51 million in seed funding, targeting credit access for women in agriculture and tech.
A Call for a Pan-African Cyber Defense Network
Panelists at the roundtable agreed that central banks must play a more assertive leadership role, both in guiding regulated institutions and ensuring that unregulated digital actors meet cybersecurity standards. Proposals included:
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Developing regional early-warning systems
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Instituting cross-border incident response protocols
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Crafting uniform supervisory regulations for fintechs and e-money providers
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Establishing joint cybersecurity drills and peer-learning platforms
“Cyber resilience must be treated as a core pillar of financial regulation and systemic credibility,” said Dr. Hannig.
Towards a Digitally Secure and Inclusive Future
The roundtable, themed “Strengthening Cyber Resilience in Digital Financial Services in Africa”, provided a platform for regulators to deliberate on urgent reforms in risk management, cross-border cooperation, and policy innovation.
The consensus was clear: Africa’s digital financial future holds enormous promise—but only if built on the bedrock of trust, security, and regional unity.
