BoG urges fintechs to match innovation with responsibility
The Governor of the Bank of Ghana (BoG), Johnson Pandit Asiama, has urged financial technology (fintech) firms to match innovation with responsibility in order to sustain growth and protect consumers.
He underscored the need for early engagement with the regulator, strong corporate governance and a clear focus on consumer protection to safeguard confidence in the financial system.
Dr Asiama made the call at a breakfast meeting with licensed financial technology institutions in Accra in April 2026.
He noted that Ghana’s digital financial ecosystem had evolved through deliberate efforts by entrepreneurs, institutions and regulators committed to ensuring that innovation served the public good.
“Over the past decade, Ghana has emerged as a leader in digital payments and financial inclusion,” he said, adding that the central bank’s role was not to stifle innovation but to ensure its sustainability.
Dr Asiama mentioned that mobile money had become a daily utility for many Ghanaians, while interoperable instant payments had positioned the country as a reference point on the continent.
He noted that fintech companies were increasingly delivering services to millions of previously unbanked individuals, thereby expanding access to financial services.
However, he cautioned that rapid growth in the sector must be supported by strong governance structures, operational resilience and public trust.
According to him, unregulated expansion could create systemic risks, even where intentions were good, while innovation without consumer protection could undermine financial inclusion.
“Speed without safeguards weakens confidence in the financial system,” he added.
Dr Asiama highlighted recent regulatory reforms introduced by the BoG, including the Virtual Asset Service Providers Act, 2025 (Act 1154), which seeks to promote transparency, accountability and clarity in the digital asset space.
Furthermore, he explained that the law was not intended to legitimise speculation or suppress innovation, but rather to ensure that emerging technologies operated within a framework that protected users and preserved financial stability.
The Governor stated that the Digital Credit Services Providers aims to ensure fairness and sustainability in digital lending, as well as the revised Cyber and Information Security Directive (CISD), 2026.
He said the BoG was onboarding fintech firms onto the Financial Industry Command Security Operations Centre (FICSOC) to strengthen collaboration in addressing cyber threats, citing that such risks could not be tackled in isolation.
Touching on future developments, Dr Asiama elaborated that the central bank was exploring opportunities in open banking, virtual assets, tokenisation and cross-border digital payments to deepen financial innovation.
He underlined that open banking would empower consumers with control over their data while enabling fintechs and financial institutions to develop innovative, customer-focused services through secure data sharing.
On cross-border expansion, the Governor disclosed that the BoG had commenced implementation of a licence passporting framework with Rwanda, with two Ghanaian firms already participating in a pilot phase.
Moreover, Dr Asiama highlighted efforts to attract diaspora investment, including the introduction of structured financial products such as diaspora bonds and foreign currency-denominated instruments, as well as leveraging fintech solutions to reduce remittance costs and enhance transaction security.
He reiterated the BoG’s commitment to working collaboratively with fintech firms in order to build a financial ecosystem that is innovative, inclusive and secure.
Dr Asiama then urged fintech operators to view regulation not as a constraint, but as an enabler of sustainable growth and long-term success.
BY KINGSLEY ASARE
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