Bank of Ghana Governor Dr. Johnson Pandit Asiama has told licensed financial technology firms that the era of “unregulated scale” in digital finance is over, as the central bank rolls out new laws to govern virtual assets, digital lending, and cybersecurity.
Speaking at a breakfast meeting with licensed fintechs this month, Dr. Asiama said Ghana’s digital payments success was “built deliberately” but now requires stronger safeguards to protect users and the financial system.
The new law aims to bring “clarity, accountability, and transparency” to virtual assets. Dr. Asiama stressed it is not to legitimise speculation or suppress innovation.
Directive for Digital Credit Services Providers:
Targeting the rapid growth of app-based lending, the directive seeks to ensure digital lending is “fair and sustainable”.
Fintechs are being onboarded onto the Financial Industry Command Security Operations Centre (FICSOC) because “cyber threats do not respect institutional boundaries”.
Dr. Asiama said the BoG is working on open banking to enable “secure, consent-based data sharing” for a more competitive ecosystem.
On cross-border expansion, Ghana has begun implementing a Licence Passporting Framework with Rwanda, with two Ghanaian entities already piloting operations in East Africa.
The Governor also disclosed plans to attract diaspora investment through structured products like diaspora bonds, and by using “fintech, blockchain, and tokenisation to lower the cost of sending money”.
BoG’s message to fintechs:
Dr. Asiama urged firms to “engage early with the regulator,” “invest in governance as seriously as growth,” and treat “consumer trust as a strategic asset”.
He called regulation “a passport to scale,” not an obstacle.
“As regulators, our role is not to slow innovation, but to ensure it endures,” he said.
The Bank is also promoting Ghanaian fintechs globally through the 3i Africa Summit platform, curated with GFTN and GHIPSS.
