interbank payment systems infrastructure is expected to create an integrated and interoperable digital retail payments ecosystem which will facilitate seamless funds ba es o f gh a na nk t. 1 9 5 7 transfer across payment systems to promote financial inclusion. 13. these developments in the ghanaian payments system landscape have not only increased security, affordability, convenience and efficiency in digital financial services, but have also worked to promote financial inclusion among the country ’ s financially underserved populations. 14. ladies and gentlemen, building a digital business and financial ecosystem requires a strong and resilient financial sector. it is against this background that the bank has, in recent times, instituted several policy measures including the new capital requirement regime, introduction of new corporate governance guidelines, fit and proper test directives as well as transitioning to basel ii and iii regulatory framework to foster an enduring financial sector which supports the country ’ s economic growth agenda. 15. in concluding, let me say that building a digital business and financial ecosystem requires a robust financial sector. to keep pace with innovation therefore, the bank of ghana will continue to strengthen the oversight and regulatory regime ba es o f gh a na nk t. 1 9 5 7 to support developments in the payment and settlement systems. this would ensure safety, reliability, efficiency and confidence in digital financial transactions to support the growth agenda of the government. 16. thank you.

ba ko es f gh a na n t. 1 9 5 7 launch of the cyber security directive for financial institutions a safer digital financial industry speech by dr. maxwell opoku - afari, first deputy governor, bank of ghana bank of ghana head office, accra october 22, 2018 honorable minister of communications, mrs. ursula owusu - ekuful, second deputy governor, bank of ghana, members of the board, bank of ghana, heads of banks, members of the ghana association of bankers, members of the ghana association of savings and loans, members of the ghana association of microfinance institutions, members of the chartered institute of bankers, staff of bank of ghana, distinguished members of the press, ladies and gentlemen, all protocols observed. 1. good afternoon ladies and gentlemen. it is a pleasure to welcome all of you to the bank of ghana and i deem it a great honour for having such august audience joining us for this special occasion. as we are all aware, today marks another significant milestone in the history of ghana ’ s financial sector as we launch the cyber security directives for financial institutions. 2. after careful consideration on issues regarding cyber security and its implications on financial intermediation, the bank chose the theme “ a safer digital financial industry ” to launch the cyber security directives for two main reasons. first, we envisage that this theme will shape the strategic direction in terms of cyber security of the banking industry and to the larger extent, the entire financial sector. and secondly, it signals the collective efforts of stakeholders to address the canker of cyber threat and all other actions that exploit vulnerabilities of the financial systems and processes. 3. currently, technology is intertwined with our everyday lives. it is re - defining business interconnectedness processes, between promoting countries and greater peoples, enhancing skill development and innovation, and more broadly, breaking down perceived barriers in every sector. in the banking sector, for instance, technology has taken a center stage in the financial intermediation process. recently, key developments within the intermediation process include the growing importance of fintechs in delivering financial services as well as the introduction of electronic payment platforms to enhance interoperability. in effect, the continuous role played by technology has had considerable impact on the operations of financial institutions and ultimately driven policies aimed at promoting financial inclusiveness for growth and poverty reduction. 4. in all of these developments, financial services remains critical and the bank of ghana has