Editorial: New regulatory frameworks for open, digital banking and digital credit

First Deputy Governor Dr. Zakari Mumuni has indicated the Bank of Ghana (BoG) plans to introduce new regulatory frameworks for open banking, digital banking and digital credit by end of the year as part of efforts to expand financial access and support small- and medium-sized enterprises (SMEs).

He made this known at a public-private roundtable in Accra hosted by AyaHQ, a local incubator for blockchain and digital asset startups. The event formed part of broader efforts to enhance financial inclusion, especially through improved access to payment services, financing and cross-border trade.

Dr. Mumuni noted that Ghana has seen significant growth in digital financial services, driven by advances in technologies such as blockchain, decentralised finance, artificial intelligence and digital wallets.

Consequently, the central bank has adjusted its policy approach to leverage the expanding mobile money ecosystem and growing e-commerce sector.

To provide a stronger legal foundation for digital financial services, BoG initiated regulatory reforms in 2017 – culminating in passage of the Payment Systems and Services Act, 2019 (Act 987).

He said the law helped streamline operations for the fintech space, promoting innovation and competition in digital finance. Dr. Mumuni cited the central bank’s exposure draft on digital assets, aimed at supporting innovation while addressing risks such as money laundering, cybersecurity and consumer protection.

BoG is also piloting several innovations, including a Central Bank Digital Currency (e-Cedi) and tokenisation projects such as Universal Trusted Credentials (UTCs) and Digital Economy Semi-Fungible Tokens (DESFTs).

In terms of oversight, the central bank has developed digital supervisory tools including the Supervisory Intelligence (S.I.) platform and Online Regulatory, Analytics and Surveillance System (ORASS). These systems collect granular data from financial institutions, conduct pattern analysis and support real-time, evidence-based policy decisions.

The initiatives come as Ghana continues efforts to close financial access gaps, particularly for SMEs that often struggle to secure affordable credit or fully participate in the digital economy.

The AyaHQ roundtable was held under the theme ‘Unlocking economic opportunity through innovation: Bridging startups, policy and capital in Ghana’.

AyaHQ has trained over 300 young people in smart contract engineering, product design & product management and incubated more than 30 startups globally.

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