BoG Advances Modernization of Ghana’s Payment Infrastructure
By Praisebell Rosemond Larbi
First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, has disclosed the significant strides the Bank of Ghana (BoG) has made in modernizing Ghana’s payment infrastructure to enhance financial inclusion, improve efficiency, and promote innovation across the financial sector.
Speaking at the 2025 National Payment Systems Workshop in Accra, Dr. Mumuni said that under the National Payment Systems Strategy (2019–2024), Ghana has witnessed a remarkable transformation in its payments landscape.
“We have seen the expansion of digital payment channels, deepened interoperability across platforms, and strengthened regulatory frameworks that foster trust and innovation. These collective efforts have enhanced access, empowered consumers, and positioned Ghana as one of Africa’s leaders in payment systems development,” he said.
The Bank of Ghana is hosting the stakeholder workshop to review and refine the Draft National Payment Systems Strategy (2025–2029), which aims to guide the next phase of digital transformation in Ghana’s payments and fintech ecosystem.
According to Dr. Mumuni, the new strategy is intended to serve as a “living document” that draws from the collective insights, experiences, and aspirations of all stakeholders in the financial ecosystem. “The insights shared today will help refine its priorities, strengthen its relevance, and ensure it remains responsive to the fast-evolving payments environment over the next five years,” he added.
While acknowledging Ghana’s achievements, Dr. Mumuni also expressed concern over the rising incidence of cyber threats and online fraud, warning that these risks could undermine the country’s digital gains if not properly managed.
“We must not allow these risks, though formidable, to erode the considerable progress we have made, adding that the Bank of Ghana continues to strengthen cybersecurity measures and consumer protection frameworks to safeguard the integrity of the payment ecosystem,” he emphasized.
He noted that digital payment platforms have revolutionized commerce and transformed financial services, serving as the backbone of the digital economy by enabling seamless, real-time transactions across sectors. Addressing concerns about the dominance of large digital platforms, Dr. Mumuni said policymakers and regulators are implementing forward-looking strategies to balance innovation with stability. “These include promoting data interoperability, often referred to as open banking and developing public digital infrastructures that lower entry barriers for market participants,” he explained.
Dr. Mumuni further noted that initiatives such as electronic Know Your Customer (eKYC) frameworks and trusted digital identity systems are expanding financial inclusion by making it easier and more cost-effective for non-bank entities to participate in the payments ecosystem.
He reaffirmed the Bank’s commitment to fostering a secure, inclusive, and innovation-driven financial environment that supports Ghana’s broader digital transformation agenda.
