The Bank of Ghana has engaged players in the financial space to address possible threats to the sector in order to achieve a sound and safe financial system.

To this end, the Central Bank, says it is committed in ensuring that its financial inclusion agenda is achieved in no time.

Speaking at the maiden edition of the Regulatory Sandbox Engagement Forum, on behalf of the first Deputy Governor of the Bank of Ghana, Head of FinTech and Innovation Office, Kwame Oppong, underscored the importance of such engagements with financial sector players.

“Let me underscore the importance of responsible innovation in this endeavor. Globally, sustainability has taken centre stage in all spheres of human activity. The need to assess the possible negative impact of our innovations on the present and future societies has become more critical than ever”.

“Adoption of responsible innovation presents a unique national advantage with the potential to attract investments into our FinTech ecosystem for the creation of employment and wealth”.

Mr. Oppong also addressed issues of privacy and confidentiality within the fintech space.

“Let me address the fintechs regarding issues of privacy and confidentiality. Bank of Ghana as a regulator of financial service maintains the highest level of confidentiality and secrecy.”

“We would like to assure you that every staff is committed to an oath of secrecy and under no circumstance will third party information be disclosed. A breach of the secrecy requirement attracts serious sanctions including dismissal”, he stressed.

With regards to developments in virtual assets, he said the Bank of Ghana will continue to monitor developments on regular basis, and the many cautionary notices issued indicate the presence of significant inherent risks.

"While we do stand by these cautions, we are open to dialogue geared towards the potential
exploration of regulatory outcomes, keenly focused on consumer interest and protection. The Sandbox could potentially present us with these opportunities".