The Bank of Ghana is set to revolutionize the country’s financial landscape with the introduction of an Open Banking Directive. This significant step aims to enhance digital financial services, foster innovation, and create a more integrated, inclusive, and competitive financial ecosystem.
According to the Central Bank, the draft directive seeks to establish a robust framework for data protection, security standards, and operational protocols among regulated financial institutions.
“This draft Directive, developed in collaboration with key stakeholders, establishes clear rules around data protection, security protocols, and operational standards for participants, and it is to solicit for comments from the public,” the Bank stated.
The directive promotes collaboration, fosters competition, and provides consumers with a wider array of financial products and services by facilitating the secure sharing of customer-consented data.
“Open Banking, a transformative development in financial services globally, aims to create a more integrated and inclusive financial ecosystem by facilitating the secure sharing of customer-consented data,” the statement read.
Ghana’s adoption of this model aligns with its vision of building a secure and efficient financial ecosystem that meets global standards.
The public has 30 days to submit feedback on the draft, allowing for critical engagement and refinement before an implementation timeline is finalized.
The Bank of Ghana’s move underscores its commitment to leveraging technology for financial inclusion and modernizing its payment systems. This development is expected to promote innovation, competition, and customer-centric solutions in Ghana’s financial sector.