First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, has highlighted the significant progress made in modernizing Ghana’s payment infrastructure to aid financial inclusion and facilitate transactions across the country.

Dr Mumuni noted that under the National Payment Systems Strategy (2019–2024), “We have witnessed the expansion of digital payment channels, deepened interoperability across platforms, and strengthened regulatory frameworks that foster trust and innovation.”

According to him, these collective efforts “have enhanced access, empowered consumers, and positioned Ghana as one of Africa’s leaders in payment systems development.”

The First Deputy Governor made these remarks at the 2025 National Payment Systems Workshop.

The Bank of Ghana is organizing this stakeholder workshop on the Draft National Payment Systems Strategy (2025–2029) to help shape the future of Ghana’s payments and fintech ecosystem.

According to Dr Mumuni, the workshop provides a platform for open dialogue on the draft strategy, “which has been designed as a living document that must draw on the collective wisdom, experiences, and aspirations of all stakeholders present.”

He added that, “The insights shared today will help refine its priorities, strengthen its relevance, and ensure it remains responsive to the fast-evolving payments environment over the next five years.”

Safeguarding Progress

The First Deputy Governor also revealed that the Bank of Ghana has observed a surge in cybersecurity threats and online fraud as the adoption of digital financial services accelerates.

“That is why we must not allow these risks, though formidable, to erode the considerable progress we have made,” Dr Mumuni emphasized.

He noted that payment platforms have revolutionized commerce and spurred innovation in financial services, serving as a critical network of the digital economy that enables seamless and real-time transactions.

Addressing concerns about the emergence of dominant digital platforms and their impact on competition, the First Deputy Governor explained that policymakers and regulators are implementing forward-looking strategies that preserve innovation while safeguarding stability.

“These include promoting data interoperability, often referred to as open banking, and developing public digital infrastructures that lower entry barriers for market participants,”
he said.

Dr Mumuni added that initiatives such as electronic Know Your Customer (eKYC) frameworks and trusted digital identity systems have made it easier and more cost-effective for non-bank entities to participate in the payments ecosystem, thereby expanding financial inclusion in new and meaningful ways.