Non-Interest Banking: NIFAC to promote regulatory coherence across financial sector – Dr. Asiama

The Bank of Ghana says the newly established Non-Interest Financial Advisory Council (NIFAC) will help promote coherence and consistency in the regulation of Ghana’s emerging non-interest financial services sector.

Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, said the five-member council could also support the Securities and Exchange Commission (SEC) and the National Insurance Commission (NIC) as the wider non-interest financial ecosystem develops.

Speaking at a public engagement with the Ecumenical Society on Monday, August 31, 2026, Dr. Asiama said the council was established and inaugurated on August 18.

“Under the Guideline, NIFAC advises the Bank of Ghana on the effective regulation and supervision of non-interest banking institutions,” he said.

He said NIFAC’s broader role would help ensure greater alignment among regulators as non-interest financial products expand beyond banking.

The council comprises five members, including at least one independent member and at least one woman. Its composition combines local expertise with international experience in non-interest banking.

“As this is a developing area for Ghana, their selection combined the need to build local experience with relevant global experience in non-interest banking,” Dr Asiama said.

He stressed, however, that NIFAC’s advisory role would not replace the regulatory powers of the Bank of Ghana.

“Their technical advice does not displace the Bank’s supervisory, enforcement or regulatory authority, nor does it confer that authority on any religious body,” he said.

The Governor said non-interest banking would remain subject to safeguards protecting depositors and the financial system, including oversight of payment systems, fund transfers, capital sources, leadership and governance.

“Non-interest products remain fully subject to the controls that protect depositors and the financial system,” he said.

Dr. Asiama described NIFAC as a key step in moving Ghana’s non-interest banking framework from policy to implementation.

“NIFAC marks the movement from policy to implementation and is an important step towards a more inclusive, resilient and diversified financial sector,” he said.

The BoG published the final Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana on January 13, 2026, following consultations with religious bodies and other stakeholders.

The clarification comes amid public discussion about the role of religion in Ghana’s emerging non-interest banking framework, particularly concerns within sections of the Christian community.