Strong stakeholder collaboration essential for a trustworthy digital financial ecosystem– Ing. Dr. Ashigbey

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The Chief Executive Officer of the EMIs Chamber of Ghana, Ing. Dr. Kenneth Ashigbey has charged stakeholders within the global digital financial ecosystem to prioritize effective collaboration to reduce the incidence of fraud.

According to him the rising levels of fraud and their complicated nature, undermines trust, stifles innovation, and erodes financial inclusion gains made in Ghana and across the world.

He made the remarks as a special guest speaker at the recently held 18th Edition Connected Banking Summit – Innovation & Excellence Awards – West Africa 2025, in Accra, Ghana.

Speaking on the topic “Collaborative Approaches to Fraud Mitigation: Building a Trustworthy Digital Finance Landscape,” Dr. Ashigbey highlighted the increasing sophistication of fraudsters and the urgent need for stakeholders across the digital finance ecosystem to work together.

“The collaborative roles required to mitigate fraud within our ecosystem cannot be understated. No one institution can do it alone as fraud is a complex problem which demands a unified stakeholder approach,” Dr. Ashigbey stated.

The Role of Stakeholders in Fighting Fraud

Dr. Ashigbey outlined the critical roles different stakeholders must play in fraud prevention and mitigation, including:

  • Regulators and Policymakers – Enforcing stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, promoting cross-border collaboration, and establishing regulatory sandboxes for testing innovative fraud mitigation solutions.
  • Telecom Companies (Telcos) – Securing SIM registration processes, partnering with banks and fintechs to detect and block fraudulent transactions, and leveraging data analytics for fraud detection.
  • Banks and Fintechs – Implementing AI-driven fraud detection systems, educating customers on digital security, and sharing fraud intelligence to create a unified defense.
  • Consumers – Being vigilant about sharing personal information, using strong passwords, and reporting suspicious activities promptly.
  • Academia – Conducting research on emerging fraud trends and working with stakeholders to develop innovative solutions.
  • Security Agencies – Upgrading skills to stay ahead of cybercriminals, conducting regular security audits, and integrating cybercrime policing at all levels.
  • The Judiciary – Strengthening legal frameworks, speeding up fraud-related cases, and enhancing sentencing to deter cybercriminals.

Leveraging Digital Public Infrastructure for Fraud Prevention

Dr. Ashigbey also underscored the importance of a robust National Identification system in fraud prevention. He emphasized that affordable, secure, and interoperable digital identity solutions are essential for reducing identity theft and ensuring a more trustworthy financial ecosystem.

Additionally, he highlighted other key digital public infrastructures such as Unified Payment Interfaces (UPIs), credit bureaus, blockchain technology, and digital land registries—all of which play a role in fraud prevention.

Ghana’s Leadership in Digital Finance

Drawing insights from Ghana’s success in mobile money interoperability, regulatory sandboxes, and public-private partnerships, Dr. Ashigbey urged deeper collaboration between the government, telecoms, fintechs, and academia.

“We must move beyond Public-Private Partnerships (PPP) to Public-Private-Academia Partnerships (PPAP), leveraging research and innovation to combat digital fraud effectively,” he noted.

A Call to Action: Collaboration is Key

As cybercriminals become more sophisticated, Dr. Ashigbey called for a united front in tackling fraud, emphasizing that working in silos is no longer an option.

“As Nelson Mandela said, ‘It always seems impossible until it is done.’ The only way we can outsmart fraudsters is through deep collaboration, leveraging AI and digital innovations to secure our financial future,” he concluded.

The event brought together key industry players, policymakers, and security experts to discuss the future of secure digital banking.

Over 3,000 students and worshippers in Accra educated on misinformation & disinformation

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Leadership and members of the Ghana Chamber of Telecommunications, the EMIs Chamber of Ghana, and the Cyber Security Authority, have reiterated the need for the general public to be careful in how they receive, interact with and disseminate information both online and offline. The advice was given during separate educational engagements in Accra on Friday October 25, 2024.

The first stop of the engagement, which was part of the 2024 National Cyber Security Awareness Month (NCSAM) under the theme “Combating Misinformation/Disinformation in a Digitally Resilient Democracy; Our Collective Responsibility”, was at the Labone Senior High School in Accra. During the hour-long engagement, experts from the telecommunications industry educated about 3,000 students and teachers, on the dangers of misinformation/disinformation and provided tools to help them identify and counter misinformation, while protecting themselves, their loved ones and their properties.

The various presenters (including Regine Bambara, Gillian Boateng, Samuel Bartels  and Angela Adu-Ampofo) who took time to highlight the differences between misinformation and disinformation, also stressed on the need for the students to not just be careful of how they interact with and share information they encounter, but to also protect their personal information from unscrupulous sources.

In addition to the importance of verifying sources, the speakers also touched on fact-checking information, and critically evaluating the credibility of news sources before sharing or believing them. The students were also taught how to spot common tactics used by purveyors of fake news, such as sensational headlines, clickbait, and misleading images.

During and after the engagement, students actively asked questions, which were addressed by representatives from the Ghana Chamber of Telecommunications, the EMIs Chamber of Ghana and the CSA.

Later in the day, the team extended the campaign to the National Mosque of Ghana, where they engaged hundreds of worshippers on the same issue of misinformation and disinformation along with their varied negative impact, as well as steps to combat the menace.

The speaker Mr. Ibrahim Musah who was joined by the CEO of the Ghana Chamber of Telecommunications and the EMIs Chamber Ing.Dr. Kenneth Ashigbey, representatives of members and representatives of the CSA, emphasized the importance of critically evaluating information before sharing, especially as the country approaches an election year.  Mr. Ibrahim further stressed on the need for the worshipers present and online, to play their part in limiting the spread of misinformation and disinformation, debunking same, and leaving a holy life to the benefit of all.

On his part Ing. Dr. Ashigbey thanked the leadership of the National Mosque of Ghana for the opportunity to educate and engage the worshippers. In his earlier interaction with the students at Labone SHS, Ing. Dr. Ashigbey stressed in the need for the students to prioritize their understanding and utilization of new technology.

NCSAM 2024

This year’s NCSAM themed “Combating Misinformation/Disinformation in a Digitally Resilient Democracy; Our Collective Responsibility” aims to spotlight the widespread issue of misinformation and disinformation, particularly their potential to undermine electoral integrity, peace, and security.

Organized under the auspices of the Ministry of Communication and Digitalisation, the month-long program is designed to foster collaboration and coordination among stakeholders, developing comprehensive strategies to curb the spread of false information online.