Bank of Ghana Urges Fintechs to Strengthen Compliance, Consumer Protection, and Fight Financial Crime
The Bank of Ghana (BoG) has called on fintech companies, mobile money operators, and financial institutions to strengthen compliance and consumer protection as Ghana’s digital finance sector continues to grow. Speaking at the 2025 Fintech Stakeholder Dinner and Awards, Hayford Kumah, Head of the FinTech Oversight and Supervision Unit, emphasized the central bank’s commitment to fostering innovation while maintaining a safe and well-regulated environment.
Kumah highlighted the role of Mobile Money Limited as a “vital partner” in driving financial inclusion and economic innovation across Ghana and beyond. He reassured industry players that the central bank’s goal is not to stifle innovation but to provide a clear framework where fintech solutions can thrive safely. “Our mandate is clear: to foster trust, safety, and soundness in the financial system,” he said.
The central bank official outlined three key areas for industry focus: protecting consumers, combating financial crime, and building trust. According to Kumah, trust is the cornerstone of Ghana’s digital financial evolution, and compliance will serve as the “currency of trust” assuring both local users and international partners of the sector’s integrity. He called for continued collaboration between fintechs, banks, and mobile money agents to strengthen regulatory standards.
Mobile Money Limited CEO Shaibu Haruna praised the sector’s growth, noting that Ghana now processes over 20 million mobile money transactions daily. He described fintech innovators, banks, and agents as “architects of Ghana’s fintech revolution,” whose work is enhancing lives and delivering dignity to millions of Ghanaians. Haruna stressed that partnerships remain the engine behind the country’s digital transformation.
Looking ahead, Haruna pointed to policy reforms and government initiatives that could further accelerate fintech growth, including opportunities in digital lending, open banking, virtual assets, and a potential digital currency. He reaffirmed Mobile Money Limited’s commitment to collaboration, inviting fintechs of all sizes to contribute to Ghana’s ongoing digital financial evolution.
source: citi newsroom