In a move to enhance Ghana’s financial ecosystem and foster digital innovation, the Bank of Ghana (BoG) has unveiled a Draft Open Banking Directive. This initiative aims to streamline data sharing, promote competition, and drive financial inclusion across the country.
The directive, developed in consultation with industry stakeholders, outlines stringent guidelines on data protection, security protocols, and operational standards. By enabling customer-consented data sharing among financial institutions, the BoG aims to create a more secure, efficient, and inclusive payment system.
“The Open Banking framework represents a transformative shift in financial services, encouraging collaboration and offering consumers a broader range of financial products,” the central bank said.
The directive is backed by a robust legal framework, including, the Bank of Ghana Act, 2002 (Act 612), the Payment Systems and Services Act, 2019 (Act 987), the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), the Data Protection Act, 2012 (Act 843), and the Cyber Security Act, 2020 (Act 1038)
These provisions ensure that the directive aligns with global regulatory standards while addressing local market needs.
The Open Banking Directive aims to deepen financial inclusion, facilitate secure sharing of customer-consented data, encourage innovation in financial service delivery, and foster competition among regulated financial institutions (RFIs).
BoG has invited public feedback on the draft directive, with submissions open for the next 30 days via email at [email protected]. Following this consultation, the directive will be refined and implemented, with a timeline to be announced later.
Open Banking is expected to unlock new opportunities for fintech innovation, enhance consumer choice, and strengthen Ghana’s position in the global financial landscape. By embracing this initiative, the BoG seeks to create a dynamic ecosystem that meets the evolving needs of consumers and businesses.
The Draft Open Banking Directive reflects Ghana’s ambition to align with international best practices, paving the way for a more competitive and customer-focused financial environment.
