First Deputy Governor of the Bank of Ghana (BoG), Dr. Zakari Mumuni, has highlighted the remarkable transformation of Ghana’s payment ecosystem, noting that the country has expanded digital payment channels, deepened interoperability across platforms, and strengthened regulatory frameworks over the past five years.
Speaking at a stakeholder workshop on the draft National Payment Systems Strategy (NPSS) for 2025 to 2029, Dr. Mumuni said Ghana’s achievements under the previous strategy covering 2019 to 2024 helped establish the country as one of Africa’s digital payments leaders. The transformation began with the implementation of the Ghana Interbank Settlement System (GhIPSS), one of the earliest Real-Time Gross Settlement (RTGS) systems in Sub-Saharan Africa, which enhanced liquidity in the banking industry.
Mobile money interoperability enabled seamless transfers across mobile networks, significantly improving financial inclusion. In 2023, the Ghana Interbank Settlement system saw transaction values increase by 49 percent, reaching GH₵3,443.98 billion. The country received the 2023 Financial Inclusion Institutional Leadership Award at the AFI Global Policy Forum, recognizing its continued advancements in expanding financial access.
Dr. Mumuni said the new strategy represents not just continuity, but transformation in the country’s efforts to build a globally competitive digital economy. The updated strategy will introduce data sharing frameworks, electronic Know Your Customer (eKYC) systems, and trusted digital identity solutions to make participation in the payments ecosystem easier and more cost effective for both banks and non-bank entities.
However, 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, a 52 percent rise from the previous year.
Dr. Mumuni emphasized that collaboration among regulators, innovators, and payment service providers is essential to safeguarding public confidence in the system. The draft document, described as a living framework, will be refined through consultation with commercial banks, fintechs, mobile money operators, and development partners.
The stakeholder workshop brings together key stakeholders including banks, fintechs, payment service providers, mobile money operators, and development partners to deliberate on the draft strategy. The final document is expected to guide policy direction and investments in Ghana’s payment ecosystem over the next five years.
