The Bank of Ghana (BoG) has reiterated that innovation in the financial sector must be supported by strong regulation, consumer protection and public confidence to ensure sustainable financial inclusion.

Speaking on behalf of the Governor of the Bank of Ghana at the Ecobank–JoyNews Business Financial Dialogue held on Tuesday, July 28, at the Ecobank Head Office, Mr Owureku Asare, Head of Fintech at BoG, said Ghana's progress in digital finance has been driven not only by investments in technology but also by the trust customers have in the financial system.

The programme was held on the theme 'Driving Financial Inclusion Through Digital Transformation'.

He explained that every digital transaction is underpinned by the assurance that customers' funds are secure and redeemable on demand, with the Bank of Ghana safeguarding that confidence through effective regulation and supervision.

"Innovation must never come at the expense of trust," he said.

Mr Asare said the central bank will continue to strengthen oversight of digital financial services by maintaining high licensing standards, enhancing consumer protection and working with other financial regulators to build a common early warning system to improve cyber resilience across the sector.

He noted that the Bank of Ghana would continue to enforce regulatory standards and take action against institutions that fail to protect consumers or undermine confidence in the financial system.

According to him, meaningful financial inclusion also requires improved digital financial literacy. He said expanding access to financial services without equipping people with the knowledge to use them safely cannot deliver true inclusion.

Mr Asare, therefore, called on banks, fintech companies and other financial service providers to educate customers on the products they use and the risks associated with digital transactions.

He also urged government, regulators, financial institutions, telecommunications companies, development partners, civil society organisations and the media to work together to build a financial system that is inclusive, resilient and trusted.

He concluded that Ghana's financial inclusion agenda should focus not only on expanding access to financial services but also on ensuring that financial products improve the lives of Ghanaians by helping them build savings, financial security and long-term prosperity.