The 18th Edition Connected Banking Summit – Innovation & Excellence Awards – West Africa 2025, held on February 19, 2025, in Accra, Ghana, marked a significant milestone in shaping the future of banking across the region.
Organized by the International Center for Strategic Alliances (ICSA), this premier event brought together global executives, industry experts, and visionary leaders from the Banking, Financial Services, and Insurance (BFSI) sector.
With a focus on digital transformation, customer experience, regulatory compliance, and security, the summit showcased cutting-edge insights and fostered collaboration to address the evolving needs of West Africa’s financial landscape.
Held against the backdrop of a rapidly digitizing economy, the event underscored Ghana’s growing role as a hub for financial innovation.
Cybersecurity Panel: Red and Blue Teams Take Center Stage
One of the standout sessions was the Cybersecurity Panel, which delved into the critical role of red and blue teams in safeguarding financial institutions against escalating cyber threats. As West Africa’s banking sector embraces digital solutions like mobile banking and fintech platforms, the panel highlighted the rising sophistication of cyberattacks targeting the region.
The discussion featured practitioners who emphasized a proactive approach to security through the use of red teams—specialized groups tasked with simulating cyberattacks to identify vulnerabilities—and blue teams, who focus on defending systems and responding to incidents.
The panelists explored how this adversarial dynamic strengthens institutional resilience. A key takeaway was the need for banks to integrate red and blue team exercises into their cybersecurity frameworks to stay ahead of fraudsters and state-sponsored hackers.
Dr. Ashigbey emphasized the transformative potential of artificial intelligence (AI) in enhancing security measures. He outlined how AI-powered algorithms could underpin the fraud dashboard, enabling predictive analytics to identify anomalies before they escalate into major breaches.
Real-world case studies from Ghanaian and regional banks illustrated how these teams collaborate to detect weaknesses, refine incident response strategies, and ensure compliance with Ghana’s Cyber Security Authority mandates.
Keynote Speaker from Ghana Chamber of Telecommunications: Fraud Dashboard and AI Security
A highlight of the summit was the keynote address by Ing. Dr. Kenneth Ashigbey, CEO of the Ghana Chamber of Telecommunications, whose presentation captivated the audience with its forward-thinking vision.
Dr. Ashigbey introduced the concept of a fraud dashboard—an innovative tool designed to aggregate and analyze data on fraudulent activities across banking and telecom sectors in real time.
He argued that this centralized platform could empower financial institutions and regulators to detect patterns, predict threats, and respond swiftly to fraud.
Dr. Ashigbey emphasized the transformative potential of artificial intelligence (AI) in enhancing security measures. He outlined how AI-powered algorithms could underpin the fraud dashboard, enabling predictive analytics to identify anomalies before they escalate into major breaches.
His address called for collaboration between banks, fintechs, and telecom providers to implement AI-driven security solutions, positioning Ghana as a leader in combating financial crime through technology.
Leveraging Generative AI in Finance
Another compelling session featured a prominent speaker who explored the role of generative AI (Gen AI) in revolutionizing finance. His presentation focused on how banks can leverage Gen AI to enhance operational efficiency, personalize customer experiences, and drive innovation.
He explained that unlike traditional AI, which excels at pattern recognition, Gen AI can create new content, simulate scenarios, and generate insights, offering unprecedented opportunities for the BFSI sector.
He highlighted practical applications, such as using Gen AI to develop tailored financial products based on customer data, automate complex risk assessments, and even simulate market conditions to inform strategic decisions.
He cited global projections suggesting that Gen AI could contribute up to $340 billion annually to the banking industry by 2025, urging West African banks to invest in talent and infrastructure to capitalize on this potential.
Broader Themes and Impact
Beyond these standout sessions, the summit featured a rich array of panels and discussions on topics like mobile banking, financial inclusion, and regulatory frameworks.
Source:
techlabari.com
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