The Bank of Ghana (BoG) has reaffirmed its determination to strengthen the digital payments ecosystem and expand financial inclusion through the strat
The Bank of Ghana (BoG) has reaffirmed its determination to strengthen the digital payments ecosystem and expand financial inclusion through the strategic use of technology and innovation.
This commitment, according to the central bank, is central to achieving a resilient, inclusive, and future-ready financial system that serves all segments of society.
Speaking at the MOBEX Africa Tech Expo & Innovation Conference 2025 in Accra, a Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, emphasized that the bank’s focus remains on deepening payment interoperability, expanding the eCedi pilot project, and building public trust through effective regulation and oversight.
Asiedu-Asante noted that Ghana’s digital finance landscape has undergone a remarkable transformation over the past decade, becoming a model for other African nations.
“From 4.9 million mobile money users in 2015 to over 24 million today, processing transactions worth more than GHS 3 trillion in 2024, the digital transformation has been extraordinary,” she remarked.
“Digital payments have become the backbone of our financial system, connecting individuals and businesses across the country.”
A Decade of Progress in Digital Finance
The progress in the digital financial space began with the introduction of mobile money interoperability in 2018, which allowed seamless transactions across different networks and banking systems.
The BoG has since built on that foundation through regulatory frameworks that promote innovation while protecting consumers.
These include the Payment Systems and Services Act, 2019 (Act 987), and the FinTech and Innovation Office, which oversees emerging financial technologies.
The Deputy Governor outlined three key policy directions driving the Bank’s digital agenda
1. Strengthening instant payment systems and interoperability to ensure smooth, efficient, and low-cost digital transactions.
2. Expanding the eCedi pilot to reach more users, especially those in underserved and offline communities, as part of efforts to ensure equitable access.
3. Deepening trust through progressive regulation, ensuring that innovation thrives within a framework that protects consumers and financial stability.
Asiedu-Asante underscored the importance of technology as a tool for empowerment rather than exclusion. “Technology should empower, not exclude,” she said.
“Our goal is to ensure that every Ghanaian, regardless of location or circumstance, benefits from the opportunities created by digital innovation.”
Positioning Ghana
The Bank of Ghana has been one of the first central banks in Africa to experiment with a Central Bank Digital Currency (CBDC), locally known as the eCedi.
The pilot project, launched in 2022, seeks to test how a digital version of the cedi can improve payment efficiency, reduce costs, and expand access to financial services, particularly in rural and remote areas.
COMMENTS