Ghana is one of the most stable and rapidly growing economies in West Africa. The country’s financial sector has experienced significant growth, supported by increasing smartphone penetration, widespread use of mobile money, and a strong focus on digital transformation. Ghana has a vibrant fintech ecosystem, driven by the government’s commitment to financial inclusion and digital financial services.
The total value of mobile money transactions in Ghana surged to GH₵3.01 trillion in 2024, representing a 56.8 percent increase compared to the GH₵1.92 trillion recorded in 2023, indicating that more Ghanaians are relying on mobile money for their daily financial activities.[3] Total mobile money transactions rose by 18.9 percent to 8.1 billion, up from 6.8 billion in 2023.[3] As of January 2024, 59.7 percent of the population aged 15 years and older had a mobile money account in Ghana, remaining stable from the previous year, though representing a notable increase compared to 2018.[1]
The Bank of Ghana (BoG), the central regulatory authority, has made significant strides in promoting digital finance and innovation. The National Payment Systems Strategic Plan (2019-2024) helped modernize Ghana’s payment infrastructure and positioned the country as one of Africa’s leaders in digital finance.[7] Ghana is now developing its National Payment Systems Strategy for 2025 to 2029, designed to position Ghana competitively in global digital payments while managing emerging risks.[5]
Ghana has moved from early-stage exploration to active policy development for open banking. In December 2024, the Bank of Ghana issued a draft Open Banking Directive with the aim to “accelerate the adoption of digital financial services” and “improve the overall functioning” of the country’s payments and financial ecosystem. The draft Directive was developed in collaboration with key stakeholders and establishes “clear rules” around data protection, security protocols, and operational standards for participants.[9]
The draft directive was open for public consultation, with stakeholders and the public given 30 days from the publication date to submit feedback.[8] The deadline for comments was 30 days from 20 December 2024, after which the central bank indicated it would engage key stakeholders to operationalise the Directive when an implementation date is announced.[9]
The Bank of Ghana announced that it will pilot an open banking framework allowing customers to securely share financial data with authorised third parties. Governor Dr. Johnson Asiama announced this initiative, explaining that the proof-of-concept phase will enable secure data sharing between banks and fintechs under clear standards for consent, privacy and cybersecurity.[1] “Control is shifting to the customer,” Dr. Asiama stated, describing how data sharing is becoming central to modern financial services.[1]
The pilot phase will focus on infrastructure readiness, secure API and data standards, third-party accreditation and a regulatory sandbox. All participating institutions must meet the Bank of Ghana’s accreditation and security requirements.[1]
As of mid-2025, there are no live open banking APIs or firm timelines for full rollout. Progress has been steady but slow, and the focus remains on implementation and tested infrastructure.[8]
The draft Open Banking Directive establishes a mandatory regulatory model for data sharing among regulated financial institutions. Once finalised, the directive will require all regulated financial institutions in Ghana to participate in the Open Banking Service by sharing customer-consented data through standardised APIs.
The framework is regulator-led, with the Bank of Ghana responsible for setting the policy direction, establishing governance structures, and overseeing compliance. The directive was issued pursuant to the Bank of Ghana Act, 2002 (Act 612), the Payment Systems and Services Act, 2019 (Act 987), the Banks and Specialized Deposit Taking Institutions Act, 2016 (Act 930), the Data Protection Act, 2012 (Act 843), and the Cyber Security Act, 2020 (Act 1038).
The central bank has proposed establishing the Open Data Exchange (OpenDX) platform, a dedicated public digital infrastructure, “to facilitate the safe and secure sharing of customer-consented data” among participating institutions. The OpenDX, which will be governed by a board of directors, will coordinate and lead the creation of the “necessary infrastructure” for data sharing and will also determine the standards for APIs and other infrastructure required to connect to the platform.[9]
The Bank of Ghana’s responsibilities, as set out in the draft Open Banking Directive, include establishing and operating the OpenDX platform, and appointing individuals to serve on the board and management team of OpenDX. The Bank of Ghana will also oversee the conduct of participating institutions, and act as the tertiary point of call in relation to consumer complaints that are left unresolved by financial institutions.[9]
OpenDX will govern API standardization and regulatory technical standards, define standardized data formats, provide access for participants to manage consent requests, ensure encryption of consented data, facilitate secure transmission of data, provide real-time notification for consent management, and maintain an up-to-date registry of participants.
Participating institutions will be required to connect to the Financial Industry Command Security Operations Centre (FICSOC) or have an in-house Security Operating Centre licensed by the Cyber Security Authority.
FICSOC, launched in May 2023, is a centralized cybersecurity command center operated by the Bank of Ghana. It is one of very few sector-wide Security Operation Centres in Africa, providing real-time threat intelligence and system-wide monitoring across all 23 licensed banks and the central bank itself.[3] FICSOC is fully owned and operated by the Bank of Ghana, under the oversight of a board-level Cyber and Information Security Committee. It was established under Ghana’s Cyber & Information Security Directive, which requires all financial institutions to set up their own internal SOCs.[3]
The directive requires the use of standardized APIs for data sharing, industry-standard encryption for data transmission and storage, multi-factor authentication protocols, and comprehensive audit trails to track and monitor access to customer data.
Data sets covered under the directive include customer personal data (for KYC and CDD purposes), customer financial data (account information, transaction data, payments data, and credit data), generic services data (publicly available information including financial product data and market data), and any other data as determined by the Bank of Ghana.
The directive establishes a detailed consent management regime. Data subjects must explicitly grant consent before their data can be shared, and consent must be requested for each data set being shared with a participating institution. Consent given to one participating institution does not extend to all participating institutions.
Consent is time-limited, valid for a period not exceeding one year, after which a new consent may be granted. There is no automatic renewal of consent. Data subjects can revoke consent at any time through their regulated financial institution, and upon revocation, the data holder must cease sharing data immediately and the data recipient must cease utilising the shared data.
Several stakeholders are poised to drive the adoption of open banking in Ghana:
The CEO of GhIPSS, Clara B. Arthur, has emphasized that interoperability already offers a pathway to open banking and API standardization in Ghana’s payments landscape. GhIPSS intends to lead collaboration with banks and fintechs to resolve challenges surrounding connectivity, integration, and governance, with the goal of developing nationally accepted technical and governance standards that will enable the Bank of Ghana to implement forward-looking policies.[2]
GhIPSS is enhancing instant payments and national QR systems to support multi-currency interoperability. The eCedi pilot is entering its next phase, connecting banks, fintechs and telecom operators on a secure, unified digital platform.[1]
Several factors are driving the momentum for open banking in Ghana:
Despite the positive outlook, several challenges hinder the broader adoption of open banking in Ghana:
Ghana has made notable progress in establishing the policy and governance foundations for open banking. The publication of the draft Open Banking Directive in December 2024 represents a significant milestone, providing a comprehensive framework for data sharing, consent management, participant responsibilities, and compliance requirements. The announcement of a proof-of-concept pilot phase indicates continued momentum toward implementation.
The transition from draft directive to operationalisation will depend on finalising technical standards, establishing the OpenDX platform, onboarding participating institutions, and building the necessary capacity across the ecosystem. The timeline for full implementation remains to be confirmed following stakeholder engagement on the draft directive. Industry observers will be watching for the publication of the final directive, the establishment of OpenDX governance structures, and the rollout of the pilot phase.
Open Banking Nigeria (Open Technology Foundation) is a non-profit backed by a group of industry experts across banking, fintech, risk management, and more to drive and launch the open banking standard in Nigeria.
