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BoG commits to ensure security in banking sector

By: Cecilia Naawemuo
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Mrs Elsie Awadzi
Mrs Elsie Awadzi

THE Second Deputy Governor of the Bank of Ghana (BoG), Mrs Elsie Awadzi, has assured the public of the central bank’s resolve to maintain financial stability in the country.

To that end, she said the central bank would go the extra mile to ensure the efficiency and safety of the various infrastructure in the financial space.

The second deputy governor made this known in a speech that was read on her behalf by the Director of Banking at the BoG, Ms Peggy Osei-Tutu Dzodzomenyo, at an event organised by the BoG and the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a provider of secure financial messaging services.

It was to discuss the evolution of the electronic payment landscape, new financial technologies, the increasing burden of financial crime, compliance and the ongoing fight against cybercrime.

Mrs Awadzi said its effort towards ensuring safety included facilitating stakeholder engagements which were aimed at th

Secure environment
She also called on banks in the country to come together to ensure a secure electronic payment and SWIFT environment, adding that securing the payments environment was a collective responsibility by the BoG and all the banks.

Importance of SWIFT
Mrs Awadzi noted that the strategic importance of SWIFT could not be overemphasised because a large volume of local funds transfers, settlement of security related transactions and cross-border transactions, all relied on the robustness and resilience of the SWIFT network.

She also said many banks in the country also relied on SWIFT products to meet their international compliance requirements.

In line with the importance of SWIFT to the banking sector, she said the BoG was operating a gateway which enabled 29 banks to connect to the SWIFT network.

She noted that that shared facility had resulted in a far reduced cost for participating banks and had also ensured a collective approach in meeting the required standards.

SWIFT traffic
 Sharing some insights into its operations, the Country Manager of SWIFT, Mr Solomon Souza, said the company presently had 11,500 financial institutions which were connected globally.

He indicated that it also had 1,863 corporate entities around the world that were connected to the network, with some of them coming from Ghana.

“What that implies is that we have corporates who are connected to SWIFT and use the network to relay financial instructions to the banks,” he stated.

He said SWIFT was currently present in over 200 countries, recording about seven billion messages daily.

That, he added, had led to a 12 per cent increase in the traffic load of the organisation. — GB