The Bank of Ghana (BoG) has officially launched a new mobile banking application named ‘RECODED’ to enhance financial inclusion and fortify the banking sector against cyber threats.
At the event hosted by GCB Bank, Dr. Ernest Addison, the Governor of BoG, emphasized the central bank’s dedication to combatting cybercrime in the financial industry.
Dr. Addison disclosed that the BoG’s financial industry cybersecurity project has recently commenced operations, providing real-time intelligence to empower banks in responding effectively to cyber threats.
The ‘RECODED’ app, developed by GCB Bank, aims to address gaps in financial access, especially for the tech-savvy youth, by offering innovative and customer-focused solutions.
Dr. Addison acknowledged the transformative potential of technology in the banking sector but also cautioned against the escalating cyber risks accompanying digital advancement.
He stressed the importance of financial education, awareness, and the deployment of artificial intelligence and machine learning to detect and manage potential cyber threats effectively.
Dr. Addison expressed confidence that technology, when properly managed, can drive an inclusive and sustainable economy.
He commended GCB Bank for its significant role in digital banking, foreseeing continued advancements in technology propelling banks toward full digitization.
