Governor of the Bank of Ghana, Johnson Asiama, has reaffirmed the central bank’s commitment to promoting innovation in the fintech sector while maintaining strict regulatory standards.
Speaking at a breakfast meeting with fintech firms at the Bank of Ghana headquarters on April 23, 2026, he noted that Ghana has become a leading example on the continent for digital financial services.
He highlighted the rapid growth of digital tools, pointing out that mobile money has become an essential part of daily life, while interoperable instant payments and fintech solutions are expanding financial access to previously underserved populations.
Despite these gains, Dr Asiama cautioned that innovation must be guided by strong safeguards to protect the financial system. He warned that unregulated growth could create systemic risks, weaken consumer protection, and erode confidence in the sector.
Addressing the newly passed Virtual Assets Service Providers Act, he explained that the law is intended to bring structure, transparency, and accountability to the industry—not to stifle innovation or encourage speculation.
He emphasised that Ghana remains open to fintech development, provided it operates within a framework that protects users and preserves the integrity of the financial system.
The Governor also outlined reforms aimed at boosting diaspora remittances into productive investments, including the introduction of diaspora bonds, foreign-currency investment products, and the use of fintech and blockchain technologies to reduce transaction costs and improve security.
He further noted efforts to enhance transparency in the foreign exchange market and strengthen data reporting systems.
On digital lending, Dr Asiama said the central bank is reviewing how to strike a balance between innovation and responsible practices, particularly as app-based credit services continue to expand.
He identified open banking as the next major step in Ghana’s digital financial evolution, noting that it will give consumers greater control over their data while enabling financial institutions and fintech firms to develop new services.
Additionally, he revealed that the Bank of Ghana is advancing cross-border integration through a licence passporting framework with Rwanda, with two Ghanaian firms already taking advantage of the initiative.
Also speaking at the event, First Deputy Governor Zakari Mumuni said fintech innovation has significantly transformed access to financial services, particularly in rural areas.
He noted that individuals who previously lacked access to banking can now save, borrow, and insure themselves using mobile phones, crediting both innovators and regulators for driving this progress.
Dr Mumuni added that the central bank views fintech companies as key players in shaping the future of the financial system, describing them as architects of a faster, more inclusive, and more innovative financial landscape.
Source: myjoyonline.com
