The Bank of Ghana (BoG) is in the process of introducing an Open Banking Directive, marking a significant step towards enhancing digital financial services and driving innovation in the country’s financial sector.
The initiative aims to create a more integrated, inclusive, and competitive financial ecosystem in Ghana. The draft directive, currently open for public consultation, seeks to establish a solid framework for data protection, security standards, and operational protocols among regulated financial institutions.
A statement from the Central Bank explained that the draft directive, developed in collaboration with key stakeholders, outlines clear rules for data protection, security protocols, and operational standards for participants.
The directive is open for public comments to ensure that Ghana’s financial ecosystem remains secure, efficient, and globally competitive.
By enabling the secure sharing of customer-consented data, the directive fosters collaboration, encourages competition, and provides consumers with access to a broader range of financial products and services.
Open Banking, a globally transformative development in financial services, aims to break down traditional barriers and encourage customer-centric solutions, creating a more integrated and inclusive financial ecosystem.
This initiative will support innovation in financial service delivery, promote competition among regulated financial institutions, and offer consumers greater choices in financial products and services.
Open Banking has emerged globally as a transformative approach to financial services, breaking down traditional silos to enable innovation and customer-centric solutions.
“Open Banking, a transformative development in financial services globally, aims to create a more integrated and inclusive financial ecosystem by facilitating the secure sharing of customer-consented data. This seeks to promote innovation in financial service delivery and engender competition among regulated financial institutions. This initiative will facilitate collaboration among regulated financial institutions, offering consumers more choices in financial products and services,” part of the statement read.
Ghana’s adoption of this model aligns with its vision of building a secure and efficient financial ecosystem that meets global standards.
Stakeholders and the public have 30 days from the publication date to submit feedback on the draft.
This period will allow for critical engagement and refinement before an implementation timeline is finalized.
The directive underscores the Bank of Ghana’s commitment to leveraging technology for financial inclusion and the modernization of its payment systems.
