BoG charts path for inclusive, secure digital payments under 2025-2029 strategy

The Bank of Ghana (BoG) has outlined a new five-year roadmap to strengthen Ghana’s digital financial ecosystem through the National Payment Systems Strategy (2025–2029).

Speaking at the opening of the National Payment Systems Workshop in Accra on October 29, 2025, First Deputy Governor Dr Zakari Mumuni said the new strategy marks a shift toward a more resilient, inclusive, and globally competitive payments landscape.

“The transition to the new strategy represents not just continuity, but transformation. It is an opportunity to reimagine our payment systems for the next phase of Ghana’s digital economy,” Dr Mumuni said.

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He commended progress made under the previous 2019–2024 strategy, which expanded digital payment channels, deepened interoperability, and strengthened regulatory frameworks.

However, Dr Zakari cautioned that the rise of virtual assets, tokenisation, and dominant digital platforms poses new challenges around market competition, inclusiveness, and financial stability.

He emphasised the need for open banking, digital identity systems, and eKYC frameworks to promote innovation and financial inclusion while safeguarding stability.

“These developments have made it easier and more cost-effective for non-bank entities to participate in the payments ecosystem,” he noted.

Dr. Mumuni also warned of rising cybersecurity threats and urged collaboration among regulators, innovators, and industry players to protect the integrity of Ghana’s digital financial system.

“Our collective resolve is stronger than the challenges confronting us,” he said.

He commended stakeholders, including banks, fintechs, and development partners, for their contributions to shaping the draft strategy, which will guide Ghana’s payments ecosystem over the next five years.

MA

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