The 2024 KPMG Africa CEO Outlook highlights cybersecurity as the second most significant threat to businesses, especially in the banking sector. The report reveals that 23% of respondents distrust banks operating solely online, emphasizing the importance of maintaining physical branches. Moreover, 62% of participants stressed the critical need for security and data privacy in their banking experiences.
Although digital banking adoption is on the rise, many Ghanaians remain cautious about fully embracing these platforms. This hesitation is reflected in the 2023 Bank of Ghana Fraud Report, which noted a 21% increase in fraud-related losses, amounting to GH₵63 million compared to the previous year.
KPMG’s report urges financial institutions to tackle these trust issues by implementing strong security protocols, offering robust customer support, and developing user-friendly digital platforms. It also suggests that a hybrid approach—combining digital services with select physical branches—could encourage broader acceptance of fully digital banking.
Recent developments have intensified focus on cybersecurity, as cyber threats become more sophisticated and unpredictable, posing direct risks to organizations’ financial stability. The growing influence of artificial intelligence (AI), along with supply chain vulnerabilities and geopolitical tensions, calls for proactive collaboration to strengthen cyber resilience across industries.
Additionally, the Cyber Security Authority (CSA) has reported a surge in fraudulent online investment schemes, warning citizens to stay vigilant. In January 2025 alone, online scams led to losses of GH₵65,860.
These findings underscore the urgent need to enhance cybersecurity measures and build trust, ensuring the secure adoption of digital banking services in Ghana.
