The Bank of Ghana (BoG) has set its sights on making payment systems globally competitive as it transitions into a new phase of digital transformation under the draft National Payment Systems Strategy covering 2025 to 2029. This strategy falls within the nation’s broader objectives of transitioning to a cash-lite economy and fostering a secure, innovative, and inclusive national payment ecosystem.
Speaking at a stakeholder workshop in Accra, First Deputy Governor Dr. Zakari Mumuni said the new strategy builds on gains made under the 2019 to 2024 framework, which helped modernize Ghana’s payment infrastructure and positioned the country as one of Africa’s leaders in digital finance. Over the past five years, Ghana has witnessed the expansion of digital payment channels, deepened interoperability across platforms, and strengthened regulatory frameworks that foster trust and innovation.
Dr. Mumuni added that these developments had enhanced access, empowered consumers, and created a stronger base for future reforms. The new plan goes beyond consolidation to transformation, aiming to make Ghana’s payment ecosystem more resilient, inclusive, and competitive on the global stage. This reflects rapid shifts in the global financial landscape driven by tokenization technologies and virtual assets.
The Deputy Governor observed that digital platforms are redefining how economies operate by transforming how value is created and exchanged. “Payment systems have become critical bridges of the digital economy, enabling seamless and real-time transactions,” he said. However, he cautioned that the growth of large digital platforms also presents new policy challenges, as the concentration of market power raises questions about competition, inclusion, and financial stability.
To address these risks, BoG and other regulators are adopting forward-looking frameworks that balance innovation with system integrity. These include open banking initiatives, electronic Know Your Customer (eKYC) systems, and trusted digital identity infrastructure, all aimed at lowering entry barriers for fintechs and non-bank participants. “These tools make it easier and more cost-effective for non-bank entities to participate in the payment ecosystem, thereby expanding financial inclusion in meaningful ways,” Dr. Mumuni explained.
The rapid growth of digital transactions has brought with it a surge in cybersecurity threats and online fraud, a trend the central bank is keen to confront. Cyber attacks against Ghanaian businesses rose by 43 percent in 2024, with over GH₵19 million lost to cybercrime in the first nine months of 2025 alone, marking a 17 percent increase year-on-year. In the first half of 2025, Ghana recorded 2,008 cyber incidents, representing a 52 percent rise from the previous year.
Dr. Mumuni said collaboration among regulators, innovators, and payment service providers is essential to safeguarding public confidence in the system. “We must not allow these risks, though formidable, to erode the considerable progress we have made,” he stated. The growing cybersecurity threat underscores the need for robust protective measures within the new strategic framework.
He emphasized that the stakeholder workshop was a key step toward shaping a strategy which reflects collective experience and market realities. The draft document, described as a “living framework,” will be refined through consultation with commercial banks, fintechs, mobile money operators, and development partners. This consultative approach ensures that diverse perspectives from across the financial services industry inform the final strategy.
The First Deputy Governor commended the central bank’s internal team and its partners for their role in reviewing the outgoing strategy and developing the new one. He urged participants to engage candidly and propose ideas that promote trust, stability, and innovation in Ghana’s financial system.
“The transition to the new National Payment Systems Strategy represents not only continuity but also transformation. It is an opportunity to reimagine our payment systems for the next phase of Ghana’s digital economy,” he said. The strategy is expected to guide Ghana’s payment infrastructure development over the next five years, addressing emerging technologies while managing associated risks.
The workshop marks an important milestone in Ghana’s ongoing digital financial transformation, bringing together key stakeholders to shape a payment ecosystem that can compete effectively in an increasingly interconnected global economy while ensuring security and accessibility for all Ghanaians.
