The Bank of Ghana (BoG) has released a draft Open Banking Directive, signaling a major step toward modernizing Ghana’s financial ecosystem.
The directive is open for public comment for 30 days.
Why it matters
Open Banking is reshaping financial services globally. By enabling the secure sharing of customer-consented data, it promotes innovation, competition, and inclusivity within the financial sector.
- For consumers: It promises more choices in financial products and services.
- For businesses: It encourages collaboration among regulated financial institutions, fostering innovation.
Details
The draft directive:
- Sets clear rules on data protection and security protocols.
- Establishes operational standards for participants.
- Aims to ensure Ghana’s financial ecosystem remains secure, efficient, and competitive on a global scale.
What’s next
Stakeholders are invited to share their feedback within 30 days. Following this, BoG will engage key stakeholders to finalize and operationalize the directive, with an implementation date to be announced later.
The big picture
This move aligns with BoG’s broader goals to accelerate digital financial services adoption and improve the payments ecosystem in Ghana, positioning the country as a leader in financial innovation.
All comments can be sent to the Bank of Ghana via email fintech@bog.gov.gh
