BoG pushes fintechs to enhance consumer protection and fight financial crime

The Bank of Ghana (BOG) has called on mobile money operators, fintech companies, and financial institutions to strengthen compliance and consumer protection measures as the digital financial sector continues to expand.

Speaking on behalf of Governor Dr. Johnson Asiama at the 2025 Fintech Stakeholder Dinner and Awards, Hayford Kumah, Head of the FinTech Oversight and Supervision Unit, described Mobile Money Limited as “a vital partner in our shared mission to drive financial inclusion and economic innovation across Ghana and beyond.”

Kumah emphasised that while the central bank remains committed to promoting innovation, it must operate within a safe and well-regulated framework. “Our mandate is clear: to foster trust, safety, and soundness in the financial system,” he said.

He added, “We are not here to stifle innovation, but to provide a clear and robust framework in which innovation can thrive alongside safety and sustainability.” Kumah urged all ecosystem players—from fintechs and partner banks to mobile money agents—to focus on three core tasks: protecting consumers, combating financial crime, and building trust.

“Trust will remain the foundation of Ghana’s digital financial evolution,” he said. “The currency of trust is how compliant an institution is. This assures the Governor, our international partners, and every user that operations are sound, transparent, and governed ethically.”

The central bank expects ongoing collaboration with industry players to strengthen regulatory oversight and safeguard the integrity of Ghana’s fast-growing fintech sector.

Meanwhile, Mobile Money Limited CEO Shaibu Haruna highlighted the sector’s remarkable growth, noting that Ghana’s mobile money ecosystem now processes over 20 million transactions daily, supported by strong collaboration among banks, fintech innovators, and agents.

Haruna described industry players as “the architects of Ghana’s fintech revolution,” emphasising their collective impact on financial inclusion and the lives of Ghanaians. He noted that partnerships between technology providers, liquidity-supporting banks, and mobile money agents are driving the nation’s digital transformation.

He also pointed to emerging opportunities in digital lending, open banking, virtual assets, and a potential digital currency, underscoring how policy reforms and government initiatives could further accelerate sector growth.

Haruna reaffirmed Mobile Money Limited’s commitment to collaboration, saying, “Our platform remains open to driving Ghana’s digital evolution, and we welcome all innovative ideas from fintechs, whether start-ups or advanced players.”

During the event, 22 partners were honoured for their excellence and contributions to Ghana’s fintech ecosystem, reflecting the growing strength and dynamism of the sector.