NCA deepens digital financial security with high-powered stakeholder meeting

The National Communications Authority (NCA) has taken decisive steps to bolster security in Ghana's thriving digital financial services (DFS) sector, convening a high-powered stakeholder meeting at its Accra headquarters. The gathering united critical institutions including the International Telecommunication Union, West Africa Telecommunications Regulators Assembly, Bank of Ghana, and National Identification Authority to address emerging cybersecurity challenges in mobile money and digital payments. 

NCA Director General Rev. Ing., Edmund Fianko stressed the urgency of coordinated action, noting that while mobile money transactions fall under banking regulations, telecom consumers remain the primary users of these services. "Our shared responsibility demands we build unshakable consumer confidence in digital financial platforms," he stated, revealing plans for a formal partnership between the NCA and Bank of Ghana through an upcoming Memorandum of Understanding. This collaboration will establish harmonized regulations to combat financial fraud and system vulnerabilities. 

A landmark outcome of the discussions includes plans to establish Ghana's first DFS Security Test Laboratory, enabling local evaluation of mobile payment applications against international security standards. The facility will operate under the DFS Security Assurance Framework and ITU guidelines, positioning Ghana as a regional leader in fintech security innovation. 

The meeting also explored enhanced Know-Your-Customer protocols through deeper integration with the National Identification Authority's database. Acting NIA CEO, Wisdom Yayra Koku Deku affirmed commitment to cross-institutional cooperation that balances security with financial inclusion objectives. 

This initiative comes as Ghana's mobile money ecosystem processes over $100 billion annually, with fraud incidents threatening to undermine public trust.

By:  Robert Annor