SEC to begin Licensing Fintech Firms in Capital Market by end of 2026
The Securities and Exchange Commission (SEC) says it is positioning virtual assets and financial technology as key drivers of the next phase of Ghana’s capital market development, with plans to begin licensing fintech firms operating within segments of the capital market by the end of 2026.
Speaking at the 3i Africa Summit on the theme “Ghana’s Approach to Virtual Assets: Enabling Innovation While Safeguarding Stability,” Acting Deputy Director-General of the SEC, Mensah Thompson, revealed that the Commission is collaborating with the Bank of Ghana to develop a long-term regulatory framework for virtual assets.
According to him, the initiative comes at a time when digital finance is rapidly transforming financial markets globally, requiring regulators to strike a balance between innovation, investor protection, and financial stability.
Thompson noted that improving macroeconomic conditions and stabilisation measures introduced by the central bank are beginning to restore confidence and stimulate renewed activity within Ghana’s capital markets.
“The Bank of Ghana has had to take a number of difficult but necessary measures to help restore stability, strengthen confidence within the economy and bring the country back to a sustainable path,” he stated.
He explained that investor participation is gradually recovering after years of subdued activity, adding that while Ghana had not recorded any Initial Public Offering (IPO) since 2019, the market has witnessed six major IPOs since last year.
The SEC official stressed that the Commission now sees virtual assets as part of a wider transformation in financial market infrastructure rather than merely a cryptocurrency issue.
According to him, the regulator is studying innovations such as tokenised securities, digital bond issuance, blockchain-based settlement systems, and digital investment distribution platforms.
“What we are witnessing is a fundamental shift in financial market architecture. From tokenised securities and digital exchanges to blockchain and mobile settlement systems and programmable finance, virtual assets are redefining how capital is raised, how ownership is represented and how transactions are executed,” he said.
Thompson disclosed that the SEC has established a virtual assets committee, which he chairs, to work alongside the Bank of Ghana in developing regulatory guidelines and implementation strategies.
He added that the Commission has also introduced two innovation sandboxes — a virtual asset sandbox and a fintech sandbox — to allow firms to test new products under regulatory supervision.
The SEC further plans to license fintech firms operating across various areas of the capital market to improve liquidity, expand participation, and strengthen market infrastructure.
According to Thompson, Ghana’s approach to regulating virtual assets will avoid both complete liberalisation and outright prohibition. Instead, the country intends to pursue what he described as “measured innovation” grounded in investor protection, sound governance, and financial stability.
“We are choosing to lead responsibly, innovate prudently and regulate intelligently,” he added.
The SEC also revealed that domestic interest in digital assets has risen significantly, with internal findings showing that participation in virtual assets in Ghana has surpassed subscriptions into collective investment schemes, one of the country’s traditional retail investment products.
“The implication was clear. Innovation was outpacing regulation,” Thompson noted.
Globally, the digital asset market has grown into an estimated US$3 trillion industry, while tokenisation of assets such as bonds, equities, and real estate is expected to expand further in the coming years.
Locally, regulators believe the sector presents opportunities to deepen financial inclusion, modernise market infrastructure, and attract technology-driven investment into the economy.
However, the SEC acknowledged that the rapid pace of innovation also presents regulatory and operational risks that will require stronger oversight, clear rules, and coordinated supervision among financial regulators.
The Commission said ongoing consultations with market participants will help shape the final framework as Ghana seeks to position itself as one of Africa’s early leaders in the evolving digital finance space.
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