BoG engages faith leaders on Non-Interest banking
The Bank of Ghana (BoG) has intensified efforts to introduce Non-Interest Banking and Finance (NIBF) by engaging Christian and Muslim leaders in a high-level stakeholder consultation held on 18 September 2025 at the Bank Square in Accra.
The meeting forms part of the Central Bank’s broader plan to design an inclusive regulatory framework for the rollout of non-interest financial services in Ghana.
Representing Governor Dr Johnson Asiama, BoG Advisor Professor John Gatsi emphasised that the initiative reflects the Bank’s commitment to build a financial system “that serves all Ghanaians” regardless of faith, and to broaden access to ethical, innovative financial products.
He explained that feedback from faith leaders is crucial to ensuring that the eventual regulations meet international standards while reflecting local cultural and moral values.
Understanding NIBF
Non-Interest Banking and Finance offers an alternative to the conventional interest-based system.
Instead of banks acting solely as lenders while borrowers shoulder the entire risk, NIBF operates on risk-sharing principles, where the bank and the client become investment partners who share profits and losses.
This model, already embraced in parts of Asia, the Middle East, and Africa, appeals to individuals and institutions seeking financial services aligned with ethical and moral principles.
Scholars note that the approach discourages excessive speculation and promotes responsible lending and borrowing, creating a more stable financial ecosystem.
Key Issues Discussed
During the session, participants explored international regulatory standards, governance structures, and implementation models, including the possibility of establishing dedicated NIBF windows within conventional banks and licensing fully fledged non-interest banks.
The discussions also touched on the need for robust consumer protection mechanisms and transparent risk management practices to build public confidence.
Prof Gatsi highlighted that adopting NIBF would enhance financial inclusion, expand consumer choice, and open new economic opportunities, particularly for small businesses and underserved communities. He stressed that Ghana’s diverse population stands to benefit from a system that ensures fairness and non-discrimination in the provision of financial services.
Positive Response from Faith Leaders
Christian and Muslim leaders expressed appreciation for the Central Bank’s willingness to consult them at this early stage.
They commended the BoG for fostering dialogue across faiths and underscored that collaboration between regulators and religious communities is essential for public trust in a new banking model.
