8 June 2018

Ghana: Swift Environment Must Be Secured Against Abuse - Second Deputy Governor

The Second Deputy Governor of the Bank of Ghana (BoG), Mrs Elsie Awadzi has underscored the need for the Society for Worldwide Interbank Financial Telecommunication (SWIFT) environment to be secured against abuse.

She said securing the SWIFT environment against possible abuse was a collective responsibility of the BoG and the banks.

"Securing the SWIFT environment against possible abuse is without doubt, our collective responsibility", she said in a speech read on her behalf by Mrs Peggy Osei-Tutu Dzodzomenyo, Director of Banking, Bank of Ghana.

SWIFT is a network that enables financial institutions worldwide to send and receive information about financial transactions.

Large value local funds transfers, settlement of security related transactions and cross border transitions across borders rely on the network.

According to Mrs Awadzi, threats like cyber attacks were now more than ever imminent in the system thus the need for players in the banking sector to close in their ranks and fend off such threats.

She said the fear of high risk jurisdictions was making many banks around the world to reduce their corresponding banking relationship and Ghana stands to lose out as some existing local banks had already lost their corresponding banks.

New banks are also finding it extremely difficult to secure reputable financial institutions to represent them in major centres.

She said with the assistance of SWIFT it would be possible to develop ways to prevent local banks from being de-risked by their correspondent banks.

Mrs Awadzi, highlighting the importance of the SWIFT said most banks in Ghana, relied on SWIFT products to meet their international compliance requirements.

The Central Bank, she said operated a gateway that enabled 29 banks to connect to the SWIFT network and this had reduced cost for participating banks as well as helped them meet required standards.

The country Manager for SWIFT, Mr Solomon Souza, said there were currently 11,000 connected financial institutions, corporate and market connected globally.

He said SWIFT was present in more than 200 countries and territories, registering about seven billion messages daily.

He said Data from SWIFT showed that its payment business in Ghana has outperformed the total growth of the business globally.

Ghana in 2017 recorded seven billion transactions and its current average message is around 33,000 per day, representing an increase of 22.7 percent.

Mr Souza said the company was now placing more focus on security and resilience.

Ghana

Cocoa Rebounds As Climate Conditions Dwindle

Cocoa recovered some of its previous week's losses, as favourable climatic conditions in top grower Cote d'Ivoire appear… Read more »

See What Everyone is Watching

Copyright © 2018 Ghanaian Times. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.