Ghana is expected to launch its first non-interest banking institution this year in a move that could significantly broaden the country’s financial services landscape and improve access to alternative financing for businesses and individuals.
The Governor of the Bank of Ghana, Johnson Pandit Asiama, disclosed that one indigenous bank had formally applied for a non-interest banking licence, while four other financial institutions were preparing to submit applications to the central bank.
Speaking at the conclusion of the 130th Monetary Policy Committee (MPC) meeting in Accra on Wednesday, Dr Asiama said the regulatory and supervisory framework for non-interest banking was at an advanced stage following the publication of detailed operational guidelines in January 2026.
“A lot has been done. Hopefully this year, we’ll see the first license. They are working very hard, putting in place the structures. The regulatory structures are very stringent, I can assure you this is best practice,” he said.
Dr Asiama explained that the framework had been designed in line with international best practices to ensure the safe, transparent and efficient operation of the new banking model within Ghana’s financial system.
“I have no fears at all. The necessary structures are being put to ensure that non-interest banking thrives,” he stated.
The Governor commended John Gartchie Gatsi for spearheading efforts to establish robust systems and governance structures aimed at strengthening public confidence in the sector.
According to Dr Asiama, the Head of the Banking Supervision Division was also directly involved in the process to ensure seamless coordination between policy development and regulatory oversight.
He noted that the planned introduction of non-interest banking comes at a time when Ghana’s economy is showing signs of resilience despite persistent global economic uncertainties and external shocks.
Dr Asiama added that recent improvements in macroeconomic stability had created a favourable environment for the introduction of innovative financial products and services without undermining financial sector stability.
The Governor further reiterated that the Bank of Ghana remained financially sound and fully capable of carrying out its regulatory mandate while promoting innovation within the banking industry.
Professor Gatsi said the introduction of non-interest banking would provide businesses, especially small and medium-sized enterprises (SMEs), with an alternative source of financing outside the conventional interest-based banking model.
“This will give individuals and businesses an alternative to conventional banking services without compromising on regulatory standards,” he told the Ghana News Agency after the MPC press briefing.
“See non-interest banking as an opportunity to expand your operations, hire more people, and contribute to economic growth,” he urged.
Professor Gatsi explained that the profit-and-loss sharing structure underpinning non-interest banking promotes greater financial discipline and shared responsibility between lenders and borrowers.
He also called on prospective operators to adopt rigorous credit assessment systems comparable to venture capital financing models to safeguard the long-term sustainability of the sector.
“This will ensure that only entities with a genuinely high probability of success are able to access funding, while protecting the integrity and sustainability of the non-interest banking system from its inception,” he said.
