BoG seeks global competitiveness in next phase of digital transformation

By Joshua AMLANU

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 (2025–2029).

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 2019–2024 framework, which helped modernise 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 said.

He added that these developments had enhanced access, empowered consumers and created a stronger base for future reforms.

The new plan, he noted, goes beyond consolidation to transformation. It aims to make Ghana’s payment ecosystem more resilient, inclusive and competitive on the global stage, reflecting rapid shifts in the global financial landscape driven by tokenisation technologies and virtual assets.

Dr. Mumuni 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, the Deputy Governor cautioned that large digital platforms’ growth also presents new policy challenges. He said the concentration of market power raises questions about competition, inclusion and financial stability.

To address these risks, he explained, 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 said.

Still, 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?19million lost to cybercrime in the first nine months of 2025 alone – marking a 17 percent increase year-on-year. In first-half 2025, Ghana recorded 2,008 cyber incidents… 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 said.

He emphasised 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.

The First Deputy Governor commended BoG’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.

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