BoG to regulate digital lending

The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has disclosed that the central bank will soon introduce guidelines for digital lending to regulate emerging online credit services and strengthen consumer protection.

The move, he said, forms part of a broader effort to foster collaboration between banks and fintechs and to build a more inclusive, technology-driven financial ecosystem.

Dr Asiama made this known at the 42nd Annual General Meeting of the Ghana Association of Bankers on 23 October 2025, which also marked the launch of the Ghana Bankers Voice Magazine.

He explained that the new guidelines would ensure responsible digital lending practices and prevent predatory lending, data misuse, and excessive debt burdens on consumers.

According to the Governor, the forthcoming Open Banking Framework, currently in its proof-of-concept stage, will further enhance the digital finance ecosystem by promoting secure data sharing between banks and fintechs.

“The Open Banking Framework will enable secure data sharing between banks and fintechs under clear standards for consent, privacy, and cybersecurity,” he said.

Dr Asiama also revealed that the Bank of Ghana, in partnership with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), has completed work on a cryptocurrency regulation bill, which is now ready for submission to Cabinet.

“I am pleased to say we have finalised the bill ready for submission to Cabinet. This progress places Ghana among the first African jurisdictions to regulate digital-asset activity prudently,” he stated.

Deepening Financial Intermediation

The Governor further announced that the Bank of Ghana is collaborating with Development Bank Ghana, the World Bank, and Afreximbank to expand access to credit and trade finance through risk-sharing facilities aimed at empowering small and medium-sized enterprises (SMEs).

“We are aligning Ghana’s banking infrastructure with continental systems like the Pan-African Payment and Settlement System (PAPSS), which enables cross-border payments in local currencies. With support from the International Monetary Fund (IMF), the Bank has launched a structured foreign exchange operations framework to enhance price discovery, reduce volatility, and rebuild external reserves,” he explained.

Dr Asiama disclosed that the BoG is also developing a comprehensive digitalisation strategy to guide how the central bank uses technology and data to serve the financial system more efficiently.

“We are sending our teams out to the best central banks, from Singapore to London to the Philippines to learn, experiment, and benchmark against the best, bringing global lessons home,” he noted.

Dr Asiama revealed that a dedicated BoG team will soon engage the Ghana Association of Bankers and individual banks to incorporate their perspectives into the design of the digitalisation strategy.

AI-Driven Supervision and Cyber Resilience

As part of efforts to enhance oversight and strengthen operational resilience, the Governor disclosed that the Bank is investing in AI-driven supervisory tools and operationalising a Cyber Threat Intelligence Platform to enable real-time information sharing between banks and fintech companies.

“As banks migrate more systems to the cloud, operational resilience and third-party risk management will become as critical as capital adequacy. Cyber maturity is now a measure of institutional soundness, and our supervisory priorities will increasingly reflect that,” he indicated.

Dr Asiama further announced that the BoG is piloting an Environmental, Social, and Governance (ESG) and Climate-Risk Reporting Template to integrate sustainability considerations into credit and investment decisions.

 “Innovation without trust will not endure, but prudence must never again be an excuse against innovation,” he emphasised.

The Governor concluded by urging commercial banks to recognise the evolving nature of Ghana’s consumer base and adapt their services to meet the expectations of a youthful, tech-savvy population.

“More than 60 per cent of Ghanaians are under 35. For them, banking is not a destination, it is an experience that follows them everywhere, underscoring the need for banks to embrace innovation and customer-centric digital transformation,” Dr Asiama added.