Bank of Ghana Issues Draft Open Banking Directive to Spur Financial Innovation

The Bank of Ghana (BoG) has issued the Draft Open Banking Directive as part of its efforts to accelerate the adoption of digital financial services and strengthen the country’s payment and financial ecosystem.

The directive, developed in consultation with industry stakeholders, sets out detailed guidelines on data protection, security protocols, and operational standards for participants.

The BoG on the back of the issuance of the draft Directive, has called on the public to provide feedback on the draft, underscoring its commitment to creating a secure, efficient, and globally competitive financial ecosystem.

Following the consultation process, the central bank will engage stakeholders to refine and operationalize the directive, with an implementation date to be announced later.

Open Banking represents a transformative shift in financial services, designed to foster a more integrated and inclusive ecosystem.

By enabling the secure sharing of customer-consented data, the framework encourages innovation in financial service delivery and enhances competition among regulated financial institutions.

The Directive also aims to promote collaboration between financial institutions, providing consumers with a wider range of financial products and services.

The Open Banking Directive is issued pursuant to the authority of the Bank of Ghana, under section 4(1)(e) of the Bank of Ghana Act, 2002 (Act 612) as amended and Sections 3(2)(c), 3(2)(i) under the Payment Systems and Services Act, 2019 (Act 987), the provisions of sections 3(2)(b), 3(2)(d) of the Banks and Specialized Deposit-Taking Institutions Act, 2016, (Act 930), the provisions of the Data Protection Act, 2012, (Act 843), and the provisions of the Cyber Security Act, 2020 (Act 1038).

The objectives of the Open Banking Directive are to:

• Promote and deepen financial inclusion;
• Facilitate the secure sharing of customer-consented data;
• Promote innovation in financial service delivery; and
• Engender competition among RFIs.

The BoG has invited the public to submit their comments on the draft directive within the next 30 days. Feedback can be sent via email to [email protected].

The Draft Open Banking Directive signals Ghana’s ambition to align its financial ecosystem with global standards, paving the way for a more innovative and consumer-focused financial landscape.

Source: norvanreports.com