The Bank of Ghana will pilot an open banking framework allowing customers to securely share financial data with authorised third parties, marking a shift toward customer-controlled banking services.
Governor Dr. Johnson Asiama announced the initiative at the Ghana Association of Bankers’ 42nd annual meeting, explaining that the proof-of-concept phase will enable secure data sharing between banks and fintechs under clear standards for consent, privacy and cybersecurity.
Open banking allows customers to grant or deny access to their financial information, such as account history and transaction flows, to authorised providers through standardised digital interfaces known as application programming interfaces (APIs). This shifts ownership of financial data from institutions to consumers.
“Control is shifting to the customer,” Dr. Asiama said, describing how data sharing is becoming central to modern financial services.
The framework promises enhanced product innovation, increased competition and improved customer control. Fintechs and banks can jointly develop personalised financial services based on richer customer data, while smaller banks and non-bank providers compete on service quality rather than branch footprint alone.
The pilot phase will focus on infrastructure readiness, secure API and data standards, third-party accreditation and a regulatory sandbox. All participating institutions must meet the Bank of Ghana’s accreditation and security requirements.
Ghana joins a growing global movement. The global open banking market was valued at approximately 31.6 billion US dollars in 2024 and is projected to reach 135 billion US dollars by 2030, growing at a compound annual rate of around 27.6 percent. In the United Kingdom, one in five consumers and small businesses now actively use open banking services, with 13.3 million active users as of March 2025.
Within Africa, the open banking ecosystem is expected to spread at a compound annual growth rate of about 18 percent through 2030 as more regulators and banks adopt interoperability frameworks.
For Ghanaian banks and fintechs, the initiative will require building interoperable infrastructures, open APIs and strong data governance capabilities. For customers, open banking promises more choice in how banking data is used, potentially driving down costs, improving service quality and accelerating access to credit or tailored financial products.
The framework aligns with Ghana’s national vision of digital financial transformation, boosting efficiency, deepening financial inclusion and positioning the country competitively within the regional and global digital finance ecosystem.
Governor Asiama said prudence must never again be an excuse against innovation, signaling the central bank’s commitment to balancing safety with technological advancement.
The Bank of Ghana’s broader digital transformation strategy rests on four complementary pillars, according to Dr. Asiama. These include infrastructure innovation, regulatory innovation, market deepening, and risk and trust innovation.
Under infrastructure innovation, the Ghana Interbank Payment and Settlement Systems (GhIPSS) is enhancing instant payments and national QR systems to support multi-currency interoperability. The eCedi pilot is entering its next phase, connecting banks, fintechs and telecom operators on a secure, unified digital platform.
As part of regulatory innovation, the Bank of Ghana is finalising the country’s first comprehensive cryptocurrency regulations, expected to be submitted to Cabinet by December 2025. This move will make Ghana one of the first African countries to introduce a structured legal framework for digital assets. New Digital Lending Guidelines are also being developed to ensure responsible credit delivery, consumer protection and transparent partnerships between banks and fintechs.
Under the risk and trust innovation pillar, the Bank of Ghana is deploying artificial intelligence-driven supervisory tools and a Cyber Threat Intelligence Platform to strengthen system-wide resilience. The Bank is also piloting an Environmental, Social and Governance (ESG) and Climate Risk Reporting Template to integrate sustainability into lending and investment practices.