Ghana’s financial system has undergone significant transformation through digital innovation, with the Bank of Ghana leading efforts to build a modern, inclusive, and resilient payment ecosystem. Over the past three decades, strategic reforms, infrastructure investments, and collaboration among regulators, banks, fintechs, and other stakeholders have positioned Ghana as one of Sub-Saharan Africa’s most advanced and interoperable payment markets.
Key developments include the introduction of payment systems legislation, the Real-Time Gross Settlement (RTGS) system, the establishment of GhIPSS, electronic cheque clearing, Automated Clearing House (ACH) services, mobile money interoperability, Instant Pay, and the GhQR payment platform. These innovations have enhanced payment efficiency, security, speed, and convenience.
A major achievement has been the expansion of financial inclusion through digital financial services, particularly mobile money, which has brought millions of previously unbanked individuals and small businesses into the formal financial system.
Looking ahead, the Bank of Ghana is exploring next-generation payment technologies, including the eCedi (Central Bank Digital Currency), which aims to complement cash, improve payment efficiency, strengthen monetary sovereignty, and further expand financial inclusion.
Despite these gains, challenges remain, including cybersecurity threats, digital fraud, infrastructure limitations, digital literacy gaps, and continued reliance on cash. To address these risks, the Bank has strengthened cybersecurity regulations, revised its Cyber and Information Security Directive in 2026, and supported initiatives such as the Financial Industry Command Security Operations Centre (FICSOC).
Future developments are expected to be driven by technologies such as artificial intelligence, blockchain, tokenisation, open banking, embedded finance, stablecoins, and virtual assets. The Bank of Ghana’s regulatory sandbox and virtual assets framework demonstrate its commitment to fostering responsible innovation.
Ghana’s payment systems are also aligned with international standards, including the Principles for Financial Market Infrastructures (PFMI) and ISO 20022 messaging standards, while the country’s active participation in the Pan-African Payment and Settlement System (PAPSS) strengthens its role in regional and global financial integration.
Overall, Ghana is well-positioned to consolidate its leadership in digital payments and advance towards a fully digital, secure, inclusive, and globally connected economy.
INTERVIEW DISCUSSIONS
TVA: The Bank of Ghana, as the central bank of the Republic of Ghana, occupies a central and strategic position in the development, oversight, and operation of the country’s payment and settlement systems. As the primary institution responsible for promoting, regulating, and supervising these systems, the Bank ensures that Ghana’s payment ecosystem remains safe, efficient, reliable, and aligned with both national development objectives and international best practices. How would you describe the evolution of Ghana’s payment systems?
BOG: Ghana’s payment system has undergone a remarkable transformation, from a manual, paper‑based environment into one of Sub-Saharan Africa’s most dynamic and interoperable digital ecosystems. This evolution has been deliberate and reflects decades of forward‑looking reforms driven by the BoG in close collaboration with industry stakeholders.
Beginning with the introduction of debit cards in 1994, Ghana steadily modernised its payment system. The launch of the Real-Time Gross Settlement (RTGS) system in 2002 marked a significant milestone, enabling real-time, secure interbank funds transfers and settlement of netted interbank payment obligations, as well as the cash leg of securities transactions. The introduction of mobile money in 2009 further transformed the landscape by bringing formal financial services to millions of underserved individuals and small and medium-sized enterprises via mobile phones, extending them beyond bank branches. These developments were fostered by the Payment Systems Act of 2003, one of the first in sub-Saharan Africa, which has since been replaced by the Payment Systems and Services Act 2019 (Act 987).
Subsequent innovations, including Gh‑Link in 2012, GhIPSS Instant Pay in 2015, Mobile Money Interoperability in 2018, and the universal GhQR in 2020, have further enhanced convenience, security, and accessibility across the payment ecosystem. Collectively, they have reshaped Ghana’s financial landscape, strengthened system reliability, deepened inclusion, and positioned the country as a leader in digital payments within the region.
TVA: How has the role of the central bank evolved from being just an overseer of cash to an active participant in the digital payment infrastructure?
BOG: The role of the Bank has evolved significantly from its traditional functions of issuing currency and distributing it to becoming a central driver of the country’s digital financial transformation. This shift has been necessitated by the rapid advancement of technology and the growing demand for efficient, secure and digital payment systems.
In the past, the Bank’s primary responsibilities were largely confined to currency issuance, monetary policy implementation, and the oversight of settlement systems. However, with advances in information and communication technology, Ghana recognised the need to leapfrog its economic development by reforming payment systems to make them more effective, useful, and convenient for consumers. The Bank of Ghana, therefore, took a lead role in payment systems and assumed a more proactive and strategic role in both the development and operation of the payment infrastructure.
A key aspect of this evolution is the Bank’s involvement in building and supporting critical national payment infrastructure, particularly through the Ghana Interbank Payment and Settlement System (GhIPSS), which enables interoperability across banks, mobile money operators, and other financial services providers. This has ensured seamless, real-time transactions across different platforms and institutions.
In addition, the Bank has strengthened its regulatory frameworks through the enactment of the Payment Systems and Services Act 2019 (Act 987), which provides a comprehensive legal foundation for digital financial services. This has allowed the Bank to effectively license, regulate and supervise a diverse range of payment participants, including fintech companies and non-bank payment service providers.
Beyond infrastructure and regulation, the Bank has also embraced innovation as an essential component of its mandate. Initiatives such as the Regulatory Sandbox, the establishment of a Fintech and Innovation Department and the pilot of the eCedi demonstrate the Bank’s forward-looking approach to fostering innovation while maintaining financial stability.
Indeed, the payment system has become the infrastructure for delivering digital financial services and, therefore, is important for monetary policy and financial stability outcomes. The Bank of Ghana’s transition from a passive overseer of cash to an active architect of a modern, inclusive, and resilient digital payment ecosystem signifies a deep appreciation of industry dynamics and regulatory responsiveness.
TVA: According to McKinsey Global Institute, global payments are becoming simpler for users. Still, complexity continues to grow behind the scenes as a result of the “Decoupled Era”, in which payments are becoming disconnected from accounts and the number of players is increasing. What is your take on this?
BOG: The “Decoupled Era” aptly captures the ongoing transformation of the global payments landscape, where financial transactions are increasingly taking place outside traditional banking structures. This shift is being driven by the rapid growth of fintech, digital wallets, embedded finance, and other innovative payment solutions.
In Ghana, this trend is already evident in the emergence of embedded finance and payments, payment-as-a-service (PaaS), banking-as-a-service (BaaS), platform-as-a-service (PaaS), multi‑rail systems, virtual assets, and AI‑driven platform developments. These new business models are recognised and captured in the Bank’s regulatory scope. In fact, the National Payment Systems Strategy (NPSS) 2025–2029 seeks to nurture and expand these new offerings to build a more inclusive digital payments and financial services ecosystem.
While these innovations significantly enhance convenience, speed, and user experience, they also introduce new layers of complexity. These include heightened cybersecurity risks, data fragmentation, operational dependencies across multiple providers and challenges in maintaining end-to-end oversight within an increasingly decentralised ecosystem.
As the payment value chain becomes more fragmented, the central bank’s role in ensuring coherence, stability, and trust becomes even more critical. In response, the Bank of Ghana is adopting a more agile, technology-driven regulatory approach. The NPSS 2025–2029 places strong emphasis on the pillar of a “Sound and Agile Regulatory Framework,” supported by key initiatives such as open finance regulation, enhanced supervisory technologies (SupTech), and the adoption of global standards like ISO 20022.
These measures are designed to ensure that, even as the ecosystem evolves and becomes more complex behind the scenes, the integrity, security, and stability of Ghana’s payment system are preserved, while still fostering innovation and competition.
TVA: As decentralised finance (DeFi) and non-bank digital wallet providers gain traction, how is the Central Bank of Ghana ensuring effective transmission of monetary policy when commercial bank deposits are no longer the primary source of liquidity?
BOG: The Bank recognises the increasing adoption of digital wallets and non-bank payment services, as well as the evolving risks these innovations present to the traditional monetary policy transmission framework. As financial intermediation gradually extends beyond conventional banking channels, it becomes imperative to ensure that liquidity flows within the broader ecosystem remain visible, traceable, and responsive to policy actions.
In this regard, the Bank of Ghana is strengthening its licensing, regulatory, and supervisory oversight of Payment Service Providers, Dedicated Electronic Money Issuers, and other non-bank entities. The virtual assets law championed by the Bank, its collaboration with the Securities and Exchange Commission (SEC) on virtual assets matters, and the Regulatory Sandbox are effective measures to evolve its regulatory and supervisory frameworks to respond to the imperatives of the evolving digital payment system. This approach ensures that transaction data and liquidity movements across digital platforms are adequately captured and integrated into monetary policy analysis and decision-making.
Furthermore, the Bank is implementing targeted measures to reinforce the effectiveness of policy transmission within this evolving landscape. These include promoting agent interoperability to enhance access and integration across service providers, strengthening oversight of instant payment channels, and developing digital credit monitoring systems to track lending activities within non-bank ecosystems better.
Collectively, these initiatives aim to ensure that, even as the financial system becomes more decentralised and technology-driven, liquidity continues to circulate through regulated and observable channels, thereby preserving the effectiveness of monetary policy transmission and maintaining overall financial system stability.
TVA: The BoG is known for rolling out the ‘Strategic Plan’ periodically, with the latest being the “National Payment Systems Strategic Plan (2019-2024)”. This sets forth the policy direction and guidelines to promote an enabling environment for the development of Ghanaian payment and settlement systems over that period. Considering the just-concluded Strategic Plan, what is your general assessment of the outcome of the 2019-2024 National Payment Systems Strategic Plan?
BOG: Let me kindly inform you that the Bank has published a new payment systems strategy for the period 2025 to 2029, which is the latest. However, the 2019-2024 National Payment System Strategic Plans delivered substantial progress and laid a strong foundation for Ghana’s transition into a vibrant and inclusive digital financial ecosystem. Overall, the strategy successfully achieved its core objective of creating an enabling environment for convenient, affordable, and innovative digital payment solutions.
During the implementation period, the Bank of Ghana deepened financial inclusion, strengthened the regulatory and supervisory framework, and significantly expanded the range and accessibility of payment channels nationwide. The strategy also fostered innovation within the financial sector, supported the growth of fintechs, and enhanced interoperability among banks, mobile money operators, and other payment service providers.
Importantly, the period marked a decisive shift toward a more digital and integrated payment landscape, improving efficiency, transparency, and user experience in both retail and wholesale payment systems. These achievements have not only modernised Ghana’s payment ecosystem but have also created the necessary momentum and institutional capacity to support the more ambitious reforms outlined in the new National Payment Systems Strategy (2025–2029).
TVA: What are some of the key achievements that this strategic plan provided?
BOG: The 2019–2024 National Payment Systems Strategy delivered several pivotal reforms that significantly strengthened Ghana’s payment ecosystem and expanded access to financial services.
A major milestone was the passage of the Payment Systems and Services Act, 2019 (Act 987), which established a comprehensive legal and regulatory framework for the development and supervision of digital financial services. This was complemented by the introduction of a proportionate KYC regime and the expansion of agency banking, both of which played a critical role in broadening financial access, particularly among underserved populations.
The period also witnessed significant innovation within the financial sector. Key initiatives included establishing the Bank of Ghana’s Regulatory Sandbox to support controlled innovation, recognising credit-scoring companies and alternative financing models, and creating a dedicated FinTech and Innovation Office to drive digital transformation within the financial system.
In addition, government payment systems underwent extensive digitisation, leading to improved efficiency, transparency, and accountability in public sector transactions.
Notably, the Bank also piloted the eCedi, Ghana’s Central Bank Digital Currency. It strengthened regional integration by connecting Ghana’s payment system to the Pan-African Payment and Settlement System (PAPSS), thereby enhancing cross-border payment efficiency within Africa.
Collectively, these achievements have laid a solid foundation for a more inclusive, innovative, and resilient payment ecosystem in Ghana.
TVA: Mindful of the new strategic plan, what’s the rationale for the New Payment Systems Strategy (2025-2029)?
BOG: The rationale for the new Payment Systems Strategy stems from the rapid evolution of Ghana’s financial landscape and the emergence of new technologies that were not fully anticipated under the previous strategy. The increasing adoption of innovations such as artificial intelligence, blockchain, virtual assets, tokenisation, open banking, embedded finance, and advanced cross‑border payment solutions has significantly transformed the payment ecosystem, necessitating a strategy that is more adaptive, forward-looking and future-ready.
While these developments present immense opportunities for efficiency, inclusion, and innovation, they also introduce new risks, particularly in cybersecurity, digital fraud, and data governance. As a result, strengthening cybersecurity frameworks, enhancing fraud-monitoring systems, and reinforcing consumer protection have become critical priorities under the new strategy.
In addition, the evolving landscape has exposed regulatory gaps in areas such as data sharing, open finance, and agent interoperability. The new strategy seeks to address these gaps by establishing a more cohesive, integrated, and innovation-friendly regulatory environment that supports the continued growth of digital financial services while maintaining system stability.
The National Payment Systems Strategy (2025–2029), therefore, articulates a bold vision of a world-class payment ecosystem that is inclusive, secure, and trusted. It is anchored on four key strategic pillars: Agile and forward-looking regulation; Resilient and trusted payment systems; Expanded financial inclusion; Modern, reliable infrastructure capable of supporting a fully digital economy.
Together, these pillars position Ghana to effectively harness emerging technologies while safeguarding the integrity, stability, and resilience of the payment and financial system.
TVA: BoG in 2021 commenced the development of the eCedi and afterwards piloted it in some of the remotest parts of the country. The eCedi is said to be part of the ‘Digital Ghana Agenda’ project, which seeks to transform Ghana into a cash-lite economy. What are the primary motivations for the BoG to launch a Central Bank Digital Currency, such as the eCedi?
BOG: BoG’s motivation for developing the eCedi is anchored in its broader vision of advancing a modern, cash‑lite economy. CBCD provides a secure and reliable digital complement to physical cash, enhancing the efficiency, speed and convenience of retail payment transactions
Importantly, the eCedi offers a new pathway to expand financial inclusion by enabling underserved and unbanked populations to access safe, low-cost digital payment solutions without relying solely on traditional banking infrastructure. Its potential offline functionality also makes it particularly relevant for rural and low-connectivity environments.
Beyond improving payment efficiency and inclusion, the eCedi is expected to strengthen monetary sovereignty in an increasingly digital financial landscape, where private digital currencies and alternative payment instruments have become attractive to consumers. By providing a trusted public digital currency, the Bank of Ghana can ensure that confidence, stability, and central bank oversight remain at the core of the national payment system as it becomes increasingly digital.
TVA: What are the potential risks of a retail CBDC to the commercial banking sector, particularly in terms of deposits and lending?
BOG: A retail CBDC has the potential to alter the structure of the financial intermediation process by attracting deposits away from commercial banks to wallets whose value is backed by central bank liabilities. This could reduce banks’ deposit base and affect their capacity to extend credit and manage liquidity efficiently. However, these risks can be effectively mitigated through careful design and policy measures.
For instance, the Bank of Ghana can implement features such as limits on CBDC wallet holdings, tiered remuneration structures, and restrictions on large-scale conversions of bank deposits to CBDC. In addition, strengthened liquidity management frameworks and supportive regulatory policies can help maintain the balance between fostering innovation and preserving financial system stability.
Ultimately, the objective is to ensure that the introduction of the eCedi complements, rather than disrupts, the existing financial system by supporting a well-functioning and resilient banking sector.
TVA: Will a widely adopted CBDC increase or decrease the Central Bank’s control over inflation, considering the potential loosening of the effective lower bound on interest rates?
BOG: A widely adopted Central Bank Digital Currency (CBDC) has the potential to enhance the central bank’s control over inflation. By improving the visibility of money flows across the financial system, a CBDC provides the central bank with more timely and granular data, thereby strengthening its ability to assess liquidity conditions and respond effectively through monetary policy instruments.
In addition, a CBDC has the potential to improve the transmission of monetary policy by ensuring that policy signals are more directly and efficiently reflected across both banked and non-banked segments of the economy. This enhanced transmission mechanism ultimately supports better inflation management and overall macroeconomic stability.
TVA: What is the current state of the eCedi, and when is it expected to be rolled out to the public?
BOG: The pilot phase of the eCedi has been completed, during which a range of use cases were tested, including deployment in some of the country’s most remote communities. These pilots assessed key elements, including system functionality, user experience, security features, and offline capabilities, to ensure the eCedi is robust and fit for nationwide implementation.
The timeline for the full public rollout will depend on the outcomes of the pilot evaluations and the completion of the necessary legal, regulatory, and supervisory frameworks to support its safe, secure, and sustainable adoption.
TVA: What measures is the BoG implementing to counter cyber-attacks on the eCedi operationalisation?
BOG: To safeguard the eCedi against cyber threats, the Bank of Ghana is implementing a comprehensive, layered security framework. This includes the adoption of a zero-trust architecture, strengthened SIM registration and SIM-swap controls, and the deployment of a centralised fraud monitoring system capable of real-time threat detection.
The Bank is also enforcing internationally aligned cybersecurity standards and establishing the National Trust and Data Exchange Platform to enhance secure identity verification and data integrity. These efforts are further supported by the Financial Industry Command Security Operations Centre (FICSOC), which facilitates threat intelligence sharing and coordinated incident response across the financial sector.
TVA: Recent research by the Financial Stability Board (FSB) shows that cyber fraud incidents in digital payments have increased globally by 22%. Moreover, a 2023 report by Cyber Security Authority (CSA) revealed that Ghana recorded over GHS49 million in digital fraud losses in 2022, with a significant portion linked to mobile and online transactions. What measures is BoG implementing to enhance cybersecurity and fraud prevention across its digital payment and settlement systems?
BOG: BoG is intensifying its cybersecurity and fraud‑prevention efforts amid growing risks associated with mobile money, digital wallets, and online payment platforms. The Bank has adopted a coordinated, multi-layered approach focused on safeguarding users and strengthening system integrity.
Key measures include enhanced monitoring of digital transaction flows, strengthened identity verification protocols for mobile financial services, and tighter regulatory oversight of online payment service providers. In addition, the Bank is promoting robust data protection standards, leveraging advanced supervisory technologies (SupTech) for real-time oversight, and strengthening the resilience of digital infrastructure.
These efforts are complemented by improved fraud response mechanisms and enhanced industry-wide cybersecurity compliance, all aimed at reducing vulnerabilities and reinforcing public confidence in Ghana’s digital payments ecosystem.
TVA: How has Ghana’s regulatory framework been strengthened to ensure the strict enforcement of cybersecurity policies and hold financial service providers accountable for breaches in digital payments?
BOG: Ghana’s regulatory framework has been significantly strengthened through targeted legal and policy reforms, including updates to the Payment Systems and Services Act, 2019 (Act 987), the Currency Act, and related digital finance regulations to ensure alignment with evolving technological developments.
These reforms are supported by risk-based cybersecurity requirements that mandate stronger controls across all regulated entities. The Bank has also introduced real-time monitoring and enforcement mechanisms, enhanced supervisory tools, and improved agent governance frameworks to strengthen accountability, particularly at the last-mile level.
Furthermore, the regulatory framework emphasises robust identity verification through strict adherence to KYC and Customer Due Diligence (CDD) requirements, supported by the integration of national digital identity systems such as the Ghana Card. These measures collectively enhance trust, reduce fraud risks, and ensure greater accountability across the digital payments ecosystem.
TVA: For almost a decade now, BoG has been championing a transition to a cash-lite economy by partnering with GhIPSS to introduce different types of digital payment and settlement systems. Considering the high rate of illiteracy and already formed payment habits among the populace with cash: Is the cash-lite economy not just a distant illusion?
BOG: BoG’s objective is a cash-lite economy and not a cashless one. The mix of payment instruments supported by BoG is always dictated by consumer preference. BoG will continue to issue cash as long as there is demand for it to support a more inclusive society. However, a cash-lite economy is far from a distant illusion. While challenges such as illiteracy levels and entrenched cash‑based habits persist, Ghana’s rapid progress in digital financial adoption demonstrates that a cash‑lite future is both realistic and attainable. The country’s strong financial inclusion performance, largely driven by the widespread adoption of mobile money and evidenced by the 2025 Global Findex Report, highlights how quickly Ghanaians have embraced digital payment channels as trusted alternatives to cash. This growing shift in consumer behaviour provides a solid foundation for advancing a more efficient, inclusive and digitally driven payment ecosystem.
TVA: If not, what steps is the BoG taking to facilitate the transition to a cash-lite economy?
BOG: In line with the NPSS 2025–2029, the Bank is implementing a comprehensive range of initiatives to accelerate the transition toward a cash-lite economy. These include nationwide financial literacy and digital education programmes aimed at building trust and empowering citizens to use digital financial services confidently.
The “One ID, One Account” initiative leverages the Ghana Card to simplify onboarding and expand access to digital accounts.
Additionally, the Bank is promoting agent interoperability to enhance service accessibility across providers, strengthening instant payment systems to improve transaction efficiency and supporting innovation through regulatory sandboxes and innovation hubs. Enhanced consumer protection frameworks are also being implemented to build confidence and safeguard users.
TVA: Considering the continuous rapid evolution and the new dynamics of the payment systems, what does the future hold for Ghana’s payment and settlement systems in the wake of such continuous evolution and the new dynamics springing up?
BOG: Ghana’s payment ecosystem is evolving into a world‑class, technology‑driven environment powered by advanced standards and innovations, including ISO 20022, artificial intelligence, blockchain, and embedded finance. This evolution is being achieved through stronger cross‑border payment capabilities enabled by integration with the Pan-African Payment and Settlement System (PAPSS), supported by modern, resilient, and scalable infrastructure.
The future outlook is anchored in deeper regional and global interoperability, ensuring that all segments of society benefit from fast, secure, and convenient digital payments. In this regard, the National Payment Systems Strategy (2025 – 2029) sets an ambitious financial inclusion target of 94 per cent by 2029, reflecting Ghana’s commitment to building a modern and inclusive digital economy.
TVA: As cash-lite payments sideline physical cash, what are the implications for BoG’s traditional role as the exclusive provider of currency?
BOG: As digital payments continue to grow and the use of physical cash declines, the nature of national currency naturally expands to encompass both physical and digital forms. This evolution reinforces the Bank’s central role in maintaining trust, stability and monetary sovereignty within an increasingly digital financial ecosystem.
Rather than diminishing its role, the shift toward digital payments strengthens the Bank’s relevance, as it becomes the anchor of both physical and digital monetary systems, ensuring the integrity of Ghana’s currency and the effectiveness of monetary policy in a rapidly evolving financial landscape
