BoG Governor pushes stronger regulation as fintech sector expands

The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has called for stronger regulatory safeguards, deeper collaboration, and improved governance within Ghana’s fast-growing financial technology sector, warning that innovation without oversight could undermine public trust in the financial system.

Speaking at a breakfast meeting with licensed financial technology institutions on April 23, 2026, Dr Asiama said Ghana’s digital financial ecosystem was the result of deliberate policy and entrepreneurial innovation, but stressed that its continued success depends on regulation and accountability.

“Ghana’s digital financial ecosystem did not evolve by accident. It was built deliberately by entrepreneurs willing to challenge convention, by institutions prepared to modernise, and by a regulator determined to ensure that innovation serves the public good,” he said.

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Highlighting the rapid growth of mobile money, digital payments, and fintech services, the BoG Governor noted that Ghana has become a continental reference point in digital financial inclusion.

However, he cautioned that expansion must be matched with strong safeguards.

“Unregulated scale creates systemic risk even when intentions are good; innovation without consumer protection ultimately undermines inclusion; and speed without safeguards weakens confidence in the financial system,” he warned.

Dr Asiama revealed that the central bank has introduced new regulatory frameworks, including the Virtual Asset Service Providers Act, 2025 (Act 1154), aimed at bringing clarity and accountability to emerging digital assets.

He explained that the law was not intended to restrict innovation but to ensure responsible growth.

“Our objective… is not to legitimise speculation, nor to suppress innovation, but to bring clarity, accountability, and transparency,” he said.

He also referenced the Directive for Digital Credit Services Providers, which seeks to regulate the fast-growing digital lending space, ensuring fairness and sustainability in app-based credit services.

On cybersecurity, he pointed to the revised Cyber and Information Security Directive (CISD), 2026, and efforts to onboard fintech firms onto the Financial Industry Command Security Operations Centre (FICSOC), stressing that cyber risks now pose systemic threats to the financial ecosystem.

Beyond domestic regulation, the BoG Governor outlined Ghana’s ambition to deepen cross-border financial integration, including initiatives on open banking, tokenisation, and diaspora investment channels.

He revealed that Ghana has begun implementing a licence passporting framework with Rwanda, with two Ghanaian firms already piloting operations in East Africa.

“I was recently in America encouraging our brothers and sisters to remit-to-invest in Ghana… whether in government securities, SMEs, fintech, real estate, or infrastructure, the pathway is seamless, credible, and rewarding,” he said.

Dr Asiama urged fintech operators to view regulation as a growth enabler rather than a constraint, calling for stronger industry-regulator collaboration.

“Engage early with the regulator, invest in governance as seriously as growth, treat consumer trust as a strategic asset, [and] see regulation not as an obstacle, but as a passport to scale,” he stated.

He added that the central bank remains committed to supporting innovation, describing regulators as “cheerleaders” of the sector, while encouraging frank dialogue on challenges and opportunities shaping Ghana’s digital financial future.