The Bank of Ghana (BoG) has insisted that all institutions seeking to operate in the Non-Interest Banking sector must obtain approval from the central bank before commencing operations.
This was announced by the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, while addressing the Ecumenical Society during a public engagement at Bank Square in Accra on August 31, 2026.
According to him, non-interest financial services will be subject to the same regulatory discipline and safeguards that apply to Ghana’s broader financial system.
“The same regulatory discipline applies. This includes oversight of payment systems, transfers of funds, capital sources, leadership and governance,” Dr. Asiama said.
He stressed that the licensing requirement was necessary to ensure that institutions operating in the sector meet the required regulatory standards and that customers and depositors are adequately protected.
“No person may carry on non-interest banking business without a Bank of Ghana licence,” he said.
The Governor further assured stakeholders that products offered under the framework would not be exempt from financial-sector controls.
“Non-interest products remain fully subject to the controls that protect depositors and the financial system,” he said.
Under the BoG’s regulatory guideline, Non-Interest Banking refers to financial intermediation that avoids the payment and receipt of interest, excessive uncertainty, gambling and investments in prohibited activities. It promotes transactions linked to real economic activity and productive assets.
Parliament had already recognised non-interest banking services as a permissible banking activity under Section 18(1)(r) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
