By Jibril Abdul Mumuni
Accra, May 7, GNA – Weak authentication systems in Ghana’s expanding digital financial sector are threatening public trust and increasing the risk of fraud, the Bank of Ghana (BoG) has warned.
The warning comes amid growing reliance on mobile money, online banking, and other digital financial services.
Speaking at the 3i Africa Summit in Accra, Dr Johnson Pandit Asiama, Governor of the BoG, said strong security systems are essential to protect users and maintain confidence in the sector.
He noted that weak identity verification frameworks could expose customers to fraud and financial losses.
“Confidence will depend on the strength of our digital identity and KYC frameworks. Weak authentication increases fraud risk, affects credit quality, and undermines trust in digital financial services,” he said.
Dr Asiama explained that as Ghana’s digital finance sector grows, there was an urgent need to build safe and reliable systems to support sustainable expansion.
He said the Bank of Ghana was taking steps to strengthen regulations and improve security, including enhancing digital identity systems, issuing guidelines for digital credit, and promoting secure financial technologies.
Dr Asiama stressed that regulation must not only support innovation but also protect the public and maintain stability in the financial system.
He said that digital finance had improved access to financial services in Ghana, particularly through mobile money, but emphasised that the next phase of growth must prioritise quality and security.
Dr Asiama called for stronger collaboration among financial institutions, regulators, and technology providers to address security challenges and highlighted the need for better data systems and monitoring processes to prevent fraud.
He urged stakeholders to ensure digital financial services remained safe, reliable, and beneficial to all users, stressing that building trust was key to sustaining Ghana’s digital finance ecosystem.
GNA
Edited by Kenneth Sackey