Central Banks urged to enhance digital payment system oversight for financial stability

The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, called for strengthened regulation and supervision of digital payment systems during a WAIFEM event in Accra. This initiative aims to safeguard financial stability and protect users from cyber threats as digital financial services expand rapidly across West Africa.

Clarence Blay, Director of the Payment Systems Department at the BoG, emphasized that payment systems are essential for delivering financial services, including everyday transactions and critical payments like school fees and medical bills. He stressed that the increasing volume and speed of digital transactions require robust infrastructure protection to maintain public confidence in the system.