Bank of Ghana (BoG) Governor Dr Johnson Pandit Asiama has told Ghana’s fintech sector that innovation is welcome but must operate within a framework that protects consumers, preserves trust and safeguards the integrity of the financial system.
Speaking at a breakfast meeting with licensed financial technology institutions in Accra on Thursday, April 24, Dr Asiama said Ghana has spent the last decade establishing itself as a continental reference point for digital payments and financial inclusion, with mobile money now a daily utility and interoperable instant payments already a reality that many other countries are yet to achieve.
He warned, however, that scale without governance creates risk. “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 said.
The Governor confirmed that the Virtual Asset Service Providers (VASP) Act, Act 1154, 2025, has been passed into law, establishing a formal regulatory framework for digital asset activities in Ghana. “Our objective with this Act is not to legitimise speculation, nor to suppress innovation, but to bring clarity, accountability, and transparency,” he said, adding that the passage sends a clear signal that Ghana is open to innovation that respects the rules.
Dr Asiama also outlined two further regulatory developments. A new Directive for Digital Credit Services Providers addresses the rapid growth of app-based lending, with the BoG’s stated aim of ensuring digital credit in Ghana is fair and sustainable rather than constrained. The revised Cyber and Information Security Directive (CISD), 2026, responds to the reality that digital finance and cyber resilience are now inseparable. The BoG is onboarding fintech firms onto the Financial Industry Command Security Operations Centre (FICSOC), recognising that cyber threats cannot be addressed in institutional silos.
On cross-border innovation, the Governor disclosed that Ghana has commenced implementation of a Licence Passporting Framework with Rwanda, with two Ghanaian entities already using the pilot to expand into East Africa. He also spoke of efforts to attract diaspora investment through structured products such as diaspora bonds, blockchain-based remittance tools, and improved transparency in the foreign exchange market.
Looking ahead, he pointed to open banking as the next frontier, describing it as a mechanism that will give consumers control over their data while enabling fintechs and financial institutions to build new value-driven services.
First Deputy Governor Dr Zakari Mumuni reinforced the message, telling the gathering that while digital financial services have expanded significantly, many users still lack meaningful access to credit, savings and insurance. “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 described fintechs as “architects of a new financial order” and urged them to treat the regulatory relationship as a partnership rather than an obstacle.
