Bank of Ghana issues draft open banking directive to spur financial innovation

The Bank of Ghana (BoG) has introduced a Draft Open Banking Directive to advance digital financial services and enhance Ghana’s payment and economic ecosystem. Developed in consultation with stakeholders, the directive provides guidelines on data protection, security protocols, and operational standards.

The BoG has invited public feedback within 30 days via email at [email protected], emphasizing its commitment to creating a secure and competitive financial ecosystem. Post-consultation, the central bank will finalize and implement the directive, with a launch date to be announced.

Open Banking aims to foster financial inclusion, innovation, and competition by enabling the secure sharing of customer-consented data. The directive also seeks to strengthen collaboration among financial institutions and expand consumer access to financial products and services, aligning Ghana’s financial ecosystem with global standards.