The Bank of Ghana has reiterated its commitment to building the enabling environment for an inclusive digital financial ecosystem, urging financial technology firms to keep up with the rapid innovation in the sector with strong governance and consumer protection systems.
Speaking at a breakfast meeting with licensed fintech institutions, in Accra, governor of the Central Bank, Dr. Johnson Pandit Asiama said Ghana’s digital finance success had been deliberately built through collaboration between innovators, institutions and regulators.
“Ghana’s digital financial ecosystem did not evolve by accident. It was built deliberately by entrepreneurs willing to challenge convention, by institutions prepared to modernise, and by a regulator determined to ensure that innovation serves the public good,” he stated.
Dr. Asiama noted that over the past decade, Ghana had emerged as a continental reference point for digital payments, with mobile money becoming a daily utility and interoperable instant payments already operational.
He said fintech firms were now delivering services to millions who were previously excluded from the formal financial system, significantly expanding financial access.
However, he cautioned that the rapid scale of digital finance required stronger safeguards.
“Unregulated scale creates systemic risk even when intentions are good; innovation without consumer protection ultimately undermines inclusion; and speed without safeguards weakens confidence in the financial system,” he stressed.
To address the emerging risks, the Governor made reference to key regulatory interventions, including the Virtual Asset Service Providers Act, 2025 (Act 1154), which he said was designed to promote accountability and transparency.
“Our objective with this Act is not to legitimise speculation, nor to suppress innovation, but to bring clarity, accountability, and transparency,” he explained.
He added that the Directive for Digital Credit Services Providers would ensure fairness and sustainability in digital lending, while the revised Cyber and Information Security Directive (CISD), 2026, would strengthen cyber resilience across the financial sector.
Dr. Asiama also disclosed that fintech firms were being rolled unto the Financial Industry Command Security Operations Centre (FICSOC) to enhance collective response to cyber threats.
Furthermore, the Governor identified open banking, virtual assets, tokenisation and cross-border digital payments as critical areas shaping the future of finance.
He said open banking would empower consumers to control their data while enabling institutions to develop innovative, customer-focused services.
He announced the implementation of a Licence Passporting Framework with Rwanda, with two Ghanaian firms already piloting operations in East Africa.
Dr. Asiama further outlined efforts to deepen diaspora investment through structured products such as diaspora bonds, digital innovations to reduce remittance costs, and improved foreign exchange transparency.
He urged fintech operators to engage proactively with regulators, invest in governance and treat consumer trust as a strategic asset.
“See regulation not as an obstacle, but as a passport to scale,” he advised, adding that the central bank remained both a regulator and “cheer leader” of the industry.
On his part, First Deputy Governor Dr. Zakari Mumuni underscored the transformative impact of digital finance on livelihoods.
“A little over ten years ago, a Ghanaian farmer, had no bank account. Today, that same farmer can save, borrow, and insure against drought , from a mobile phone,” he said,describing the shift as the result of collaboration between innovators and regulators.
Dr. Mumuni noted that fintechs and mobile money platforms now sit “at the centre of financial activity for households and businesses,” but cautioned that the benefits of digital finance remained uneven.
“The real question before us is not just how to scale technology, but how to ensure that innovation delivers meaningful economic value and financial security,” he said.
He reiterated that the central bank viewed fintech firms as “architects of a new financial order” and pledged continued support through robust digital infrastructure and a responsive regulatory framework.
“The countries that will lead the next decade of economic growth are not necessarily those with the most resources, but those with the most agile financial systems,” he added.
