BoG Urges Fintechs to Prioritise Customer Protection

By Maame Efua Kwaduah

The Bank of Ghana (BoG) has urged fintech companies and innovators to place customer protection, good governance, cybersecurity, data privacy and regulatory compliance at the centre of digital financial services development.

Speaking at the launch of the MoMo Fintech Lab, Head of Fintech and Innovation at the BoG, Owureku Asare, said the central bank’s priority as a regulator is to safeguard the integrity of Ghana’s growing fintech ecosystem and protect consumers from financial and data-related risks.

Mr. Asare stressed that governance must remain central to fintech development, with compliance serving as a key component of effective governance.

He urged innovators to ensure that financial products and services are properly governed, secure and compliant with regulatory requirements before they are introduced to the market.

“Our first priority is to make sure that customer protection is at the heart of it,” he said.

According to him, fintech companies must pay particular attention to data protection and cybersecurity to safeguard customers’ funds and personal information and maintain confidence in digital financial services.

He cautioned that poorly designed or inadequately regulated digital financial solutions could expose customers to significant financial and data risks.

To support responsible innovation, Mr. Asare said the BoG has established a regulatory sandbox where innovators could test new financial products and services within a controlled environment.

He explained that innovators who were uncertain about the regulatory requirements for a proposed product could use the sandbox to obtain guidance on the appropriate regulatory pathway.

The BoG’s FinTech and Innovation Microsite also provides a platform for innovators to make inquiries and book appointments with the regulator for further engagement and guidance, he added.

Mr. Asare encouraged young people entering the fintech sector to take advantage of initiatives such as the MoMo Fintech Lab and develop knowledge beyond the technical aspects of building digital solutions.

He said understanding governance, compliance, cybersecurity and data protection was equally important to possessing technical skills.

“The tech part is the least of the problems. You go through a proper programme where governance will be taught, where compliance will be taught, where cybersecurity will be taught, where data protection will be taught,” he said.

He noted that a broader understanding of these areas would enable young innovators to develop products that were not only technologically sound but also secure, compliant and suitable for Ghana’s financial services market.

Mr. Asare expressed optimism about the future of Ghana’s fintech industry, citing several regulatory and policy developments aimed at creating a more structured environment for innovation.

He pointed to the passage of legislation governing virtual asset service providers, as well as developments in open banking, digital credit services and the application of artificial intelligence in financial technology.

He said the BoG is exploring ways to leverage artificial intelligence to support smarter processes and decision-making within fintech operations, while ensuring that emerging technologies were appropriately managed.

According to Mr. Asare, these developments, together with initiatives such as the MoMo Fintech Lab, would strengthen the fintech ecosystem and provide young innovators with opportunities to develop solutions while receiving the necessary regulatory guidance.

He said Ghana’s fintech sector had strong prospects for growth, provided innovation was supported by responsible governance, effective regulation and robust consumer protection measures. Mr. Asare therefore encouraged young innovators to view fintech development not merely as an opportunity to create new technologies, but as a responsibility to develop solutions that are safe, trustworthy and capable of improving the lives of users.