The Bank of Ghana (BoG) is pushing banks to accelerate innovation and improve the efficiency of financial services while ensuring that the risks associated with new technologies and products do not undermine customer protection and financial stability.
The Second Deputy Governor of the BoG, Mrs Matilda Asante-Asiedu, said innovation must be supported by strong governance, responsible conduct, operational resilience and sound risk management as banks compete to modernise their services.
She said the central bank would continue to support innovations capable of improving access to financial services and making banking more efficient, but stressed that banks must maintain safeguards as they introduce new products and systems.
“At the Bank of Ghana, we will continue to support innovation that improves access and efficiency while maintaining the safeguards required to protect customers and preserve financial stability,” she said.
Mrs Asante-Asiedu was speaking when she joined the Vice President, Professor Jane Naana Opoku-Agyemang, for the official commissioning of Absa Place, the new head office of Absa Bank Ghana Limited.
She said the investment reflected confidence in Absa Bank’s future but noted that investments in banking infrastructure and innovation must be matched by strong governance and systems capable of managing risks.
According to her, banks should treat innovation with the same seriousness they apply to capital conservation, liquidity management and credit risk management.
The warning comes as banks increasingly rely on technology and new financial solutions to expand their customer base, improve service delivery and compete in a rapidly changing financial services market.
For customers, the expansion of digital and technology-driven banking could translate into faster transactions, wider access and more convenient services. However, the growing reliance on technology also makes effective safeguards, responsible conduct and operational resilience increasingly important.
Mrs Asante-Asiedu therefore stressed the need for banks to preserve customer trust while pursuing growth and innovation.
The BoG’s position effectively places efficiency and financial stability as parallel priorities for the banking industry, requiring banks to demonstrate that new products and business models can deliver greater value without weakening the controls that protect customers and the wider financial system.
