Central Bank of Ghana Takes Steps to Curb Cyber Fraud

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Ghana’s Central Bank has revealed that it is taking major steps to curb cyber fraud in the country. According to the Governor of the Bank of Ghana (BoG) Dr. Ernest Addison, the central bank will soon publish guidelines for actors in the financial sector to reduce cybercrime.

This follows an increase in the cases of cyber fraud, particularly mobile money fraud in the country.

Speaking at a Financial Inclusion Symposium organized by MasterCard in Ghana, Dr. Addison disclosed that the central bank is reviewing a new set of guidelines to halt cyber fraud.

“More recently, cyber fraud is gaining attention and becoming a key threat to financial institutions whose systems to end users are being exploited”.

“As a regulator, the Bank is reviewing a new set of guidelines to address the cybersecurity issues in the industry to mitigate and reduce the impact of cyber fraud,” he added.

Dr. Addison explained that the move will complement the recently launched key projects, such as the biometric national identification project and the digital national address system to address some inherent operational risks and improve efficiency and promote confidence in digital transactions.

As part of the broader strategy to create an enabling regulatory environment for convenient, efficient and safe retail payment and funds transfer mechanisms, he explained that the Bank of Ghana has already issued the Guidelines for E-Money Issuers (EMIs) and the Agent Guidelines.

“The broad objective of the EMI Guidelines was to promote financial inclusion initiatives by extending financial services beyond the traditional branch-based channels and to limit e-money issuance to licensed Dedicated Electronic Money Issuer institutions,” he said.

He observed that the guidelines formed a core part of the Bank’s strategy to create a congenial regulatory environment for scaling up adoption and use of a convenient, efficient and safe electronic retail payments and funds transfer.

He added that the Agent Guidelines were also issued to promote the use of agents as channels for delivery of financial services with specific necessary safeguards and controls to mitigate the associated risks and safeguard consumer protection.

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