Any financial organization that has not yet embraced and implemented a digital transformation strategy is already behind the times, according to this rate. Therefore, the RCB sector cannot afford to wait much longer before leveraging emerging technology to modernize their business models in order to satisfy their customers’ rapidly changing expectations and continue to be relevant to the industry’s traditional clientele, she said.
She also warned them about the growing concerns about cybersecurity, which is one of the drawbacks of becoming digital, and stated that RCBs must invest in sound infrastructure to manage this risk.
“Digitalization has its own complications and concerns, including, among others, risks related to cyber security, third and fourth parties/outsourcing, data privacy breaches, technical failure, and consumer protection. It goes without saying that in order for financial institutions to fully reap the rewards of digitalization, solid governance and risk management systems are essential.
In order to implement more advanced systems and structures in accordance with the Bank of Ghana’s 2018 Cyber and Information Security Directive, RCBs will thus need to increase their capital base as necessary. The Directive calls for the adoption of minimal technological, governance, and data protection protocols as well as capabilities for transaction tracking, fraud detection, and mitigation, according to Mrs. Awadzi.
Other stories
-
Social media fans applaud Sadio Mane for wearing “African attire” to the 2022 Ballon d’Or.
-
Working together on a $25 billion gas pipeline project is Nigeria and Morocco.
-
Cedi exchange rates as of October13: Forex bureaus sell $1 at GHS 11.45 and BoG GHS 9.79.
-
Bureaus sell $1 at GHS 11 and BoG at GHS 9.64 as of October 10.
-
Ghana is a high-debt, troubled country, according to the World Bank.
One thought on “High inflation, Cedi fall only temporary – BoG”
Comments are closed.