The Bank of Ghana(BoG) has reiterated its strong commitment to ensuring that the country fully harnesses the benefits of open banking as part of efforts to deepen financial inclusion and accelerate innovation within the financial sector.
Speaking at a forum on virtual assets and open banking, the Second Deputy Governor of the Bank of Ghana, Matilda Asante Asiedu, described open banking as a transformative opportunity capable of reshaping Ghana’s financial ecosystem if properly implemented.
She stressed that open banking should not be seen merely as a regulatory requirement but as a broader industry-led movement that demands collaboration among banks, fintechs, developers and other ecosystem players.
“Open banking will not succeed only as a regulatory project. It must be an ecosystem movement,” she said.
According to her, traditional banks should embrace open banking as an opportunity for growth rather than a threat to their operations, noting that the model can enable financial institutions to expand services, improve customer experience and reach underserved populations.
She also challenged fintech companies and software developers to design solutions that are secure, scalable and centred on consumer needs.
“To the fintechs and developers, build solutions that are scalable, secure and customer-centric,” she urged.
Madam Matilda Asante Asiedu further called on ecosystem partners to support the development of standards that are practical and aligned with Ghana’s financial realities, stressing that imported models must be adapted to suit local conditions.
Reaffirming the central bank’s role, she assured stakeholders of the Bank of Ghana’s readiness to work closely with all actors to ensure the successful rollout of open banking.
“At the Bank of Ghana, we are fully committed to the process and to working with all stakeholders to unlock the full potential of open banking,” she said, adding that the ultimate aim is to build “a financial system that is more connected, more inclusive and more innovative.”
The forum brought together key players from the banking, fintech and digital finance space to discuss emerging trends and policy directions shaping Ghana’s evolving financial ecosystem.
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