a): Benefits of Engaging Executive Management in Creating an Information Security Management System (ISMS) (10 marks)

Engaging executive management in ISMS development is essential under BoG’s Cyber and Information Security Directive 2020, which requires top-level accountability to mitigate risks like those in the 2017-2019 bank collapses. This ensures alignment with corporate governance, as seen in Ecobank Ghana’s post-cleanup reforms. Here are four relevant illustrations with practical insights:

• Leadership Commitment and Cultural Integration: Executives set the tone for security awareness, fostering a bank-wide culture of compliance. For example, at Stanbic Bank Ghana, CEO involvement in ISMS led to mandatory training, reducing phishing incidents by 40% and aligning with BoG’s operational risk standards under Basel III.
• Resource Allocation and Prioritization: Top management ensures adequate funding and personnel for ISMS, treating it as a strategic investment. In Ghana, GCB Bank’s executive-led budgeting for cybersecurity tools post-DDEP (2022-2024) enhanced resilience, preventing liquidity drains from breaches and supporting profitability.
• Strategic Alignment and Risk Mitigation: Executives integrate ISMS with business goals, enabling proactive risk identification. Access Bank Ghana’s board oversight on ISMS helped navigate fintech outsourcing risks under Act 987, avoiding governance lapses similar to UT Bank’s insolvency due to data vulnerabilities.
• Regulatory Compliance and Stakeholder Confidence: Involvement ensures adherence to BoG directives, boosting investor trust. For instance, Absa Bank Ghana’s (formerly Barclays) executive-driven ISMS audits complied with the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), enhancing ethical practices and market reputation in 2025’s digital banking landscape.

b): Instances Where Banks Can Harness FinTech Solutions to Enhance Service Offerings (10 marks)

FinTech has disrupted Ghana’s banking sector, complementing traditional services amid BoG’s push for innovation via sustainable banking principles. Banks like Ecobank Ghana partner with FinTechs to offer seamless products, increasing accessibility post-2019 cleanup. Here are four practical instances:

• Mobile Wallets and Payment Platforms: Banks can integrate with FinTechs like MTN MoMo for instant transfers, enhancing convenience for unbanked populations. GCB Bank’s G-Money wallet has expanded rural access, boosting transaction volumes and non-interest income while complying with BoG’s payment systems regulations.
• API Banking for Open Banking: Using FinTech APIs allows third-party integrations for personalized services like loan approvals. Stanbic Bank Ghana’s API collaborations enable real-time data sharing, improving customer experience and competitive edge against pure FinTech players, aligned with data management under BoG’s guidelines.
• Robo-Advisory and Wealth Management: FinTech tools provide automated investment advice, targeting retail clients. Access Bank Ghana’s adoption of robo-advisors has democratized wealth services, increasing assets under management and profitability, especially in post-DDEP recovery with focus on ethical fintech use.
• Blockchain for Secure Transactions: Leveraging blockchain for cross-border payments reduces fraud and costs. Ecobank Ghana’s partnerships with Ripple-like FinTechs speed up remittances, supporting international trade finance under BoG’s directives, and enhancing service efficiency in 2025’s globalized economy.