The Governor of Bank of Ghana (BoG), Dr Ernest Addison has urged banks that whilst they are taking advantage of the new technologies to improve their services, it was also important that they take precaution to safeguard their systems.
This, notwithstanding, the apex bank’s commitment to continuously provide an enabling environment that would promote an effective bank operations, economic growth and development, he said.
Dr Addison indicated that the BoG has taken proactive steps to ensure that the above was achieved through the provision of supportive directives, regulations, policies and guidelines on cyber security against risks.
The Governor was speaking at the commissioning of the Republic Bank Ghana Limited Head Office Annex at Ridge in Accra on Friday, January 28, 2022.
He said while the Apex bank is putting measures in place to protect the banking sector, it also expects the industry players to do their parts.
According to him, the banks must strengthened their internal risk management frameworks while also ensure that the digital infrastructure is not compromised.
Dr Addison concerns rise from the continuous upsurge in cyber crimes, whereas more people have opted to use online banking instead of visiting the banks’ branches for their transactions.
Although the online paradigm is positive per his assessment, the risks cannot be overlooked, for which “iis also essential that comprehensive and stringent KYC (know your customer) 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.”
The Governor encouraged the Republic Bank to keep up with pace of its technological advancement in order not to lag behind.
The Senior Presidential Advisor, Yaw Osafo Maafo, on his part described the Republic bank as a natural ally of the government, as a result of the task it has taken to address housing challenges in the country
“…you have positioned yourself and have become a natural ally of the government in the search for practical responses to the housing challenge. Government appreciates the value of your contribution and I urge you to continuously roll out innovative plans and products which would complement the government’s effort in boosting housing supply across the country,” he said.
The Managing Director of Republic Bank, Farid Antar said they are committed to Africa’s development, hence their expansion to the shores of the continent.
He added that the Republic Bank has pledged to support net zero-emission, as a result, its office annex building has energy management for lighting and air conditioning have reduced carbon footprint.
He continued that the Republic Bank had made an impressive investment in digital infrastructure, which has enabled customers to enjoy their technology electronic payment system.
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