Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has reaffirmed the central bank’s commitment to supporting innovation in the financial technology sector.
He stressed that regulatory standards will not be weakened in the process.
Speaking at a breakfast meeting with Fintech firms at the Bank of Ghana head office on April 23, 2026, Dr Asiama said Ghana has become a continental benchmark for digital financial services.
“Ghana has emerged as a continental reference point for digital payments,” he said.
He noted that digital financial tools have significantly expanded access to financial services across the country.
“Mobile money has become a daily utility, interoperable instant payments are our reality, whereas it is yet to be implemented in other countries, and Fintechs are delivering services to millions who were once financially excluded,” he added.
However, he cautioned that innovation must be matched with strong safeguards.
“At the Bank of Ghana, we have recognised three essential truths,” he said, warning that unregulated expansion poses risks to the financial system.
He listed them as: “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.”
On the newly passed Virtual Assets Service Providers Act, Dr Asiama clarified that the goal is not to restrict innovation but to bring structure to the sector.
“The objective with this Act is not to legitimise speculation, nor to suppress innovation, but to bring clarity, accountability, and transparency,” he said.
He added that Ghana remains open to financial innovation under clear rules. “Innovation is welcome in Ghana, but it must operate within a framework that protects users, preserves confidence, and safeguards the integrity of the financial system,” he stated.
Dr Asiama also outlined ongoing reforms aimed at boosting diaspora remittances into productive investment.
He said measures include diaspora bonds and foreign-currency investment products, as well as fintech and blockchain, to reduce transaction costs and improve security.
He further highlighted efforts to improve transparency in the foreign exchange market and strengthen data reporting.
On digital lending, he said the Bank of Ghana is reviewing how to balance innovation with responsibility amid the rapid growth of app-based credit services.
He also identified open banking as a key future development for the financial sector.
“Open Banking is the next frontier of Ghana’s digital financial evolution that will empower consumers with control over their data while enabling fintechs and financial institutions to build new value-driven services,” he said.
Dr Asiama added that the central bank is advancing cross-border integration through a licence passporting framework with Rwanda, noting that “two Ghanaian entities have already taken advantage of this opportunity.”
First Deputy Governor Dr Zakari Mumuni, also speaking at the event, said fintech innovation has transformed access to financial services in Ghana.
“A farmer in the northern region who used not to have a bank account some 10 years ago, can today save, borrow and insure against drought from a mobile phone,” he said.
He credited both innovators and regulators for the progress made so far.
“That transformation did not happen by accident. It happened because innovators in this room dared to reimagine what financial services could look like, and regulators chose to work with you rather than against you,” he added.
Dr Mumuni said the Bank of Ghana views fintech firms as central to the future of the financial system.
“At the Bank of Ghana, we do not see Fintechs as peripheral players. We see you as architects of a new financial order — one that is faster, more inclusive, and more innovative,” he said.
About the Author
