Non-Interest Banking will complement, not replace conventional banking – BoG Governor

The Bank of Ghana has assured the public that Non-Interest Banking and Finance will operate alongside conventional banking and will not replace the existing banking model.

Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, said the framework was designed to broaden consumer choice and expand access to financial services rather than force customers away from conventional banking.

He made the remarks at a public engagement with the Ecumenical Society on Non-Interest Banking and Finance at Bank Square in Accra on Monday, August 31, 2026.

Dr. Asiama said concerns about the initiative, particularly among sections of the Christian community, had made continued public education and engagement necessary.

“The Bank is not a regulator of religion, nor is it introducing a new religious category,” he said.

He explained that Parliament had already recognised non-interest banking services as a permissible banking activity under Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

“Our role is to provide the regulatory and supervisory framework within which licensed institutions may offer this inclusive and non-discriminatory model of commercial banking as a complement to conventional banking, not a replacement for it,” Dr. Asiama said.

The Governor said the Bank’s interest in the sector was based on economic and developmental considerations, including wider access to financial services, greater product diversity and consumer choice.

“The Bank of Ghana’s interest in Non-Interest Banking and Finance is rooted in its mandate to promote financial sector development, stability and inclusion,” he said.

According to him, non-interest banking products are structured differently from conventional banking products but remain commercial financial products.

“The products are structured differently but remain commercial financial products,” he said.

Dr. Asiama explained that the framework avoids the payment and receipt of interest, excessive uncertainty, gambling and investments in prohibited activities.

Instead, it promotes transactions backed by real economic activity and productive assets, with an emphasis on fairness, transparency, equity and risk-sharing.

He said these principles were not exclusive to any particular religion or belief system.

“These values resonate across religious and ethical traditions,” he said.

The Governor stressed that the Bank of Ghana’s responsibility was to regulate the institutions and products rather than make pronouncements on religious beliefs.

“The Bank does not pronounce on religious beliefs; our responsibility is to regulate the institutions and products,” he added.

He further assured the public that non-interest banking would be subject to robust licensing and supervisory requirements.

“No person may carry on non-interest banking business without a Bank of Ghana licence,” Dr. Asiama said.

He said the same regulatory discipline would cover areas such as payment systems, transfers of funds, sources of capital, leadership and governance.

The Bank published an exposure draft of its regulatory framework on December 9, 2025, and invited public comments.

Following consideration of the comments received, the final Guideline for the Regulation and Supervision of Non-Interest Banking in Ghana was published on January 13, 2026.

The BoG has subsequently released documentaries and Frequently Asked Questions documents as part of its public education efforts.

Dr. Asiama said the Bank would continue engaging stakeholders to improve understanding of the framework and address concerns as implementation progresses.

He urged those who prefer conventional banking to continue using it while allowing customers interested in non-interest products to make their choices with confidence.