Ghanaian News

BoG to banks: Strengthen internal risk management frameworks

The Bank of Ghana (BoG) has urged banks to be proactive and strengthen their internal risk management frameworks.

The BoG said the move would help forestall cybercrime incidences at the various bank in the country.

Speaking at the commissioning of the Republic Bank Ghana limited head office annexe in Ridge, the Governor of the Bank of Ghana (BoG), Dr Ernest Addison said “Increasingly, the banking sector has witnessed the increased usage of online banking as customers resort to branchless banking for transactions. Banks have also been compelled to increase investments and upgrades of digital platforms to remain competitive.

“These positive developments to broaden the scope of financial services, digitisation and the shift to virtual platforms have come with inherent cyber risks which banks need to work assiduously to mitigate.”

He said, “BOG has provided the supportive directives, regulations, policies and guidelines on Cyber Security to safeguard the financial sector against such risks, but banks must also be proactive and strengthen internal risk management frameworks, as well as build a robust and secure digital infrastructure to forestall cybercrime incidences.

“It is also essential that comprehensive and stringent KYC procedures are implemented to improve banks’ customer acceptance policy. These will help prevent suspicious customers from pursuing fraudulent activities, including money laundering, terrorist financing and credit fraud, through the banking sector.

Dr Addison also reminded the management of Republic Bank Ghana about its pledge to use the bank’s footprint in the country as a platform to launch its international expansion strategy in Africa.

He added, “Let me remind the management team of the vision of the Holding Company to use the acquisition in Ghana as a platform to launch their international expansion strategy in Africa.

“Ghana currently houses the headquarters of the Africa Continental Free Trade Area and it provides a good opportunity to see the Republic Bank venture into other countries on the continent.”

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