Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante has issued a stark warning and a call to arms against the rising threat of unlicensed digital financial entities, declaring that protecting the integrity of the financial system is now a "shared responsibility."

The urgent plea for a fortified, coordinated response came at the COCLAB Technical Committee Workshop in Accra, a key gathering of banking, regulatory, and security stakeholders.

Addressing the forum, Matilda Asante highlighted a critical paradox: while Ghana’s economy and financial sector post "encouraging gains," they remain vulnerable to sophisticated predatory schemes operating online.

"Unlicensed financial entities continue to exploit digital platforms, mislead consumers, and threaten confidence in the financial system," Asante stated in a post-workshop message on Facebook. "These activities demand a coordinated response."

Central to her address was a push for a new level of operational unity to combat the evolving threat. She stressed the need for "stronger collaboration, shared intelligence, and joint enforcement actions among all stakeholders," arguing that commitment must extend "beyond policy discussions" into concrete, synchronized operations.

The workshop, convened by the Collaboration between Law Enforcement and Banking Community (COCLAB), is designed as a tactical platform to address such cross-cutting financial crimes. Asante praised the initiative for fostering crucial dialogue but emphasized that the path forward requires institutionalizing the cooperation.

"I applaud COCLAB for creating a platform that brings institutions together to address these emerging risks and look forward to stronger, more structured cooperation going forward," she noted.

The Deputy Governor's comments underscore a growing official concern over "fintech" fraudsters and illegal investment schemes that leverage social media and digital advertising to target consumers.

These entities, operating outside the regulatory purview of the BoG and the Securities and Exchange Commission (SEC), often promise unrealistic returns, leading to significant financial losses for individuals and eroding trust in licensed institutions.

The call for "shared intelligence" suggests a potential framework for real-time data exchange between commercial banks, the central bank, and agencies like the Economic and Organised Crime Office (EOCO) and the Ghana Police Service to identify, track, and dismantle these networks more swiftly.