Fintechs to put Trust and Regulation at the Centre of Innovation

The Bank of Ghana has called on Licensed Financial Technology (Fintech) institutions to prioritize consumer protection, strong governance, and regulatory compliance as Ghana’s digital financial sector continues to expand speedily in Accra.

The call was made at a breakfast meeting with fintech operators, where the central bank emphasized that while innovation has driven financial inclusion and efficiency, it must be balanced with safeguards to protect the integrity of the financial system.

Addressing participants, the First Deputy Governor of the central bank, Dr. Johnson Pandit Asiama, noted that Ghana’s digital financial ecosystem has been deliberately built through collaboration between entrepreneurs, financial institutions, and regulators.

He observed that over the past decade, Ghana has emerged as a reference point in Africa for digital payments and financial innovation, largely due to the rapid growth of fintech services. However, he cautioned that this progress comes with risks if not properly managed.

According to him, unregulated expansion could create systemic vulnerabilities, while innovation without adequate consumer protection could undermine financial inclusion. He added that operating at high speed without safeguards may weaken public confidence in digital financial services.

To address these challenges, he said that the Bank of Ghana has introduced several regulatory measures aimed at reinforcing oversight while supporting innovation. Among them is the Virtual Asset Service Providers Act, 2025 (Act 1154), which seeks to promote transparency, accountability, and clarity in the digital asset space.

In addition, the revised Cyber and Information Security Directive (CISD) 2026 highlights the growing importance of cybersecurity in digital finance. Fintech firms have been encouraged to collaborate with the Financial Industry Command Security Operations Centre (FICSOC) to strengthen flexibility against cyber threats.

Looking ahead, the central bank identified emerging global trends such as virtual assets, tokenisation, open banking, and cross-border digital payments as key areas of focus. It revealed that Ghana has begun implementing a licence passporting framework with Rwanda, allowing local fintech firms to expand into East Africa, with two companies already participating in a pilot phase.

He again indicated efforts are also underway to encourage the Ghanaian diaspora to adopt a “remit-to-invest” approach, directing remittances into productive sectors such as government securities and small and medium-sized enterprises, supported by fintech-driven solutions to reduce costs and improve transaction security.

Fintech operators were urged to engage proactively with regulators, invest in strong governance systems, and treat consumer trust as a critical asset for long-term growth. The central bank stressed that regulation should be viewed as an enabler rather than a barrier to expansion.

The meeting forms part of ongoing efforts by the central bank to engage stakeholders and build a secure, inclusive, and resilient digital financial sector in Ghana.

By: Eugene Dogbatse Atsu