Prioritise data privacy, cybersecurity — FinTechs urged

The Minister for Communication, Digital Technology and Innovations, Samuel Nartey George, has advised businesses to prioritise cybersecurity and data privacy, as key drivers of Ghana’s economic growth rather than regulatory obligations.

He explained that the security of digital platforms was key to creating innovation, boosting consumer confidence, and unlocking the full potential of Ghana's rapidly evolving digital economy.

“Let us prioritise cybersecurity and data privacy not as mere obligations but as essential components of our collective success. By doing so, we can create an environment where innovation thrives, consumer confidence is bolstered, and Ghana's digital economy continues to soar to new heights,” he said.

In a speech read on his behalf at the 4th Ghana FinTech Awards ceremony held in Accra on Saturday, he said FinTech innovations such as mobile money, digital lending, and payment platforms have brought financial services to previously underserved communities, enabling even remote areas to participate in the digital economy.

However, he said the rapid adoption of these technologies also increases the risk of cyber threats and data breaches.

“Trust is the cornerstone of any thriving digital economy, and without robust cybersecurity measures and stringent data privacy protocols, this trust can be easily eroded,” he said.

 
FinTech Awards

The event organised by the Ghana Fintech and Payments Association (GFPA) in partnership with Arkel Limited, on the theme “Building Trust in Ghana’s Digital Economy: 

The Essential Role of Cybersecurity and Data Privacy” recognised 20 FinTech companies/ banking institutions and five individuals for their innovation, compliance, and partnerships that were shaping the industry.

Herman Chinnery-Hesse won the Lifetime Achievement for Digital Technology Innovation, an honorary posthumous award. 

Etranzact received the Fintech Company of the Year and the Leading Payments Technologies Service Provider; FAB Mobile App won the Mobile Banking App of the Year while First Atlantic Bank received the Digital Bank of the Year.

Other winners include Global Accelerex Ghana, Affinity, WeWire, Ladder Technology System Ghana Ltd, IT Consortium, Sustineri Attorneys PRUC, BrijX, CalBank, DrugNet, among others.

Regulatory framework

He further explained that as the country advances in its digital infrastructure, it is crucial that it invest in cutting-edge cybersecurity technologies and cultivate a culture of vigilance and resilience which includes not only protecting systems but also educating citizens on best practices to safeguard their digital identities.

This, he said, requires a robust regulatory framework that enforces strict data protection standards and holds organisations accountable for any lapses, as well as a collaborative approach, where industry stakeholders, government agencies, and civil society work together to create an environment of trust and accountability.

“Ensuring compliance with Ghana’s Data Protection Act, 2012 (Act 843) is a priority to safeguard the rights of individuals and businesses in the digital economy. The Data Protection Act and the efforts of the Data Protection Commission are commendable steps in the right direction.

However, legislation alone is not enough. It requires the commitment and active participation of every player in the FinTech ecosystem. From startups to established financial institutions, each of us has a role to play in building a secure and trustworthy digital economy,” the Minister added.

The President of GFPA, Martin Kwame Awagah, said FinTechs, financial institutions, regulators, and technology partners, share a collective responsibility to safeguard digital transactions, strengthen cybersecurity frameworks, and uphold the highest standards of data protection adding that “without trust, the very foundation of our digital economy is at risk.”