BoG’s open policy spurs fintech growth

The Bank of Ghana’s open regulatory approach has been key in driving the country’s fast-growing fintech sector and digital payment transformation, according to Owureku Asare, Deputy Director of the FinTech and Innovation Office.

Speaking during a high-level breakout session at the DC Fintech Week 2025 in Washington, D.C., Asare 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,” he said, adding that the regulator’s flexibility has allowed the private sector to test and scale new solutions faster.

Mr. Asare noted that Ghana’s payment reforms began with a recognition that slow systems were stifling growth. “At the time, we were clearing checks for two weeks,” he recalled.

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, he said, marked a turning point in Ghana’s financial infrastructure. “We took it upon ourselves to set up an instant payment system that would facilitate real-time transactions,” Mr. Asare explained.

He linked this proactive stance to similar trends across East Africa, where central banks have played a leading role in building digital payment corridors.

The Deputy Director emphasized that central banks must not only regulate but also invest in the infrastructure that enables innovation. “There’s a need to help the market invest in infrastructure to enable these transactions,” he said.

He added that BoG’s regulatory sandbox, data initiatives, and digital payment policies are designed to encourage experimentation while maintaining financial stability.

The remarks were part of a broader discussion on how emerging technologies are reshaping finance in developing economies. The session, moderated by Robert Dzato, Chief Executive Officer of the Chartered Institute of Bankers (CIB) Ghana, also featured Access Bank Ghana Managing Director Pearl Nkrumah and CalBank Board Chairman Daniel Sackey.

Ms. Nkrumah highlighted how data and artificial intelligence are transforming access to credit across Africa. “When it comes to lending, less than 10% of the bankable population has access because of weak accountability systems,” she said. Using payment data for credit scoring, she added, could help close this gap.

Mr. Sackey, for his part, noted that the spread of mobile wallets—now over a billion across Africa—has altered the competitive landscape. “Traditional banks can no longer match the speed of fintechs,” he said, calling for greater collaboration between banks, telecom firms, and technology providers.

Mr. Asare said BoG’s goal is to keep enabling innovation through supportive regulation and infrastructure investment. “We create opportunities for fintechs to innovate,” he said. “We enable, and then we support.”

The DC Fintech Week discussion underscored Ghana’s growing reputation as a regional leader in fintech regulation and digital transformation, with its central bank taking an unusually open stance toward experimentation in financial services.

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