Ghana must move faster on digital infrastructure and cybersecurity to keep public trust in digital finance, Communications Minister Sam George said, days after regulators revoked Zeepay’s licence.
Speaking at the Financial Architecture Summit in Accra, held under the theme “Innovation for Stability: Central Banking, Digital Finance and the New Architecture of Ghana’s Financial Future,” George said public confidence, not technology alone, would determine whether the country’s expanding digital payments sector succeeds. “Innovation must move at the speed of opportunity, but regulation must move at the speed of trust,” he said.
He identified interoperability, inclusive by design digital systems and cyber resilience as the three pillars he said should underpin the next phase of Ghana’s digital and financial transformation, alongside reliable digital infrastructure and trusted digital identity systems.
George said the ministry measures digital transformation by whether it changes an ordinary life for the better, and called on financial institutions, fintech firms and technology providers to build secure, transparent and accessible digital solutions that widen financial inclusion while protecting consumers.
Bank of Ghana Governor Johnson Pandit Asiama, who also addressed the summit, announced that the central bank had completed a new Digital Banking Framework and accompanying draft guidelines, now ready for stakeholder consultation ahead of implementation. He said the framework reflects a financial system no longer defined only by banks and banking halls but increasingly by digital platforms and payment networks.
Asiama also updated progress on regulating virtual assets following last year’s passage of the Virtual Asset Service Providers Act, saying the central bank and the Securities and Exchange Commission are developing licensing requirements and implementation guidelines. He pointed to a new directive requiring financial institutions to strengthen board level expertise in cyber risk management, alongside what he described as Ghana’s first comprehensive framework governing the use of artificial intelligence in areas such as fraud detection, credit scoring and customer service, plus new rules on the adoption of cloud technology.
The summit’s emphasis on trust and oversight comes days after the Bank of Ghana revoked the electronic money licence of Zeepay, one of the country’s best known fintech firms, over cash backing shortfalls and unresolved governance concerns, a case officials say underscores why closer coordination between regulators, banks and technology firms is needed as Ghana expands its digital financial infrastructure.
