The Bank of Ghana’s (BoG) open regulatory approach has been key to driving the country’s fast-growing fintech sector and digital payment transformation, with officials crediting the shift from restrictive oversight to enabling innovation for the sector’s success.
Speaking during a high-level breakout session at DC Fintech Week 2025 in Washington, D.C., Owureku Asare, Deputy Director of the FinTech and Innovation Office, said the central bank’s shift from a command and control mindset to an enable and support model has encouraged innovation and market-led development.
“The development we are seeing today is because of our open central bank,” Asare stated.
He noted that Ghana’s payment reforms began with recognition that slow systems were stifling growth. At the time, the country was clearing checks for two weeks. The Bank of Ghana responded by convening commercial banks to set up an entity to facilitate faster payments, laying the foundation for the Ghana Interbank Payment and Settlement Systems (GhIPSS) and subsequent real-time transfer platforms.
That decision marked a turning point in Ghana’s financial infrastructure. According to Asare, BoG took it upon itself to set up an instant payment system that would facilitate real-time transactions. He linked this proactive stance to similar trends across East Africa, where central banks have played leading roles in building digital payment corridors.
The Deputy Director emphasized that central banks must not only regulate but also invest in infrastructure that enables innovation. He added that BoG’s regulatory sandbox, data initiatives, and digital payment policies are designed to encourage experimentation while maintaining financial stability.
The session, moderated by Robert Dzato, Chief Executive Officer of the Chartered Institute of Bankers (CIB) Ghana, featured Access Bank Ghana Managing Director Pearl Nkrumah and CalBank Board Chairman Daniel Sackey.
Nkrumah highlighted how data and artificial intelligence are transforming credit access across Africa. She noted that less than 10 percent of the bankable population has access to lending because of weak accountability systems. According to her, using payment data for credit scoring could help close this gap.
Sackey noted that the spread of mobile wallets, now over one billion across Africa, has altered the competitive landscape. He said traditional banks can no longer match the speed of fintechs, calling for greater collaboration between banks, telecom firms, and technology providers.
Asare said BoG’s goal is to keep enabling innovation through supportive regulation and infrastructure investment, creating opportunities for fintechs to innovate while providing support.
