The Bank of Ghana (BoG) is leading the development of a National Payment Systems Strategy (NPSS) that is resilient, inclusive, and globally competitive, the First Deputy Governor, Dr Zakari Mumuni, has said.
He said that over the past five years, under the NPSS spanning 2019-2024, Ghana had made remarkable progress in modernising its payment infrastructure, expanding digital payment channels, deepening interoperability across platforms, and strengthening regulatory frameworks that foster trust and innovation.
Dr Mumuni made the call in Accra on Wednesday during a stakeholder workshop to review the draft NPSS for 2025-2029, and said the NPSS had positioned Ghana as one of Africa's leaders in payment systems development.
The new strategy, he said, was not only a continuation of earlier reforms but a transformation aimed at reimagining Ghana's payment systems for the next phase of the digital economy.
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"The transition to the new National Payment Systems Strategy (2025-2029) represents not just continuity, but transformation," he noted. "It is an opportunity to reimagine our payment systems for the next phase of Ghana's digital economy. Our collective resolve, spanning regulators, innovators, and industry stakeholders, is stronger than the challenges confronting us."
Dr Mumuni commended the diverse group of stakeholders gathered to help shape the future of Ghana's payments and fintech ecosystem. He said their presence affirmed a shared commitment to advancing a safe, efficient, and inclusive digital financial landscape.
He observed that despite Ghana's progress, the global financial landscape was undergoing a transformative shift driven by virtual assets and tokenisation technologies. Those innovations, he explained, were redefining how economies operated as digital platforms became new spaces for value creation and exchange.
"Payment systems serve as critical bridges of the digital economy, enabling seamless and real-time transactions," he added.
The First Deputy Governor said payment systems interoperability had brought efficiency, convenience, and improved access to financial services.
He emphasised that emerging challenges such as market concentration, financial stability risks, and cybersecurity threats required urgent attention.
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"To address these concerns, policymakers are implementing forward-looking strategies that preserve innovation while safeguarding stability," he said. "These include promoting open banking and developing public digital infrastructures that lower entry barriers for market participants."
He cited initiatives such as electronic Know Your Customer (eKYC) systems and trusted digital identity frameworks as examples of interventions that had expanded financial inclusion and made it easier for non-bank entities to participate in the payment ecosystem.
He said the surge in cybersecurity threats and online fraud mirrored the rapid growth in digital transactions, and called for greater vigilance and cooperation among all players.
"This brings us to the essence of today's gathering," he said, adding that "This workshop provides a platform for open dialogue, evidence-based reflection, and strategic alignment."
Dr Mumuni urged participants to engage meaningfully in shaping Ghana's next chapter in digital financial transformation.
"As we deliberate on the future direction of our payment system, I encourage you to share your insights with candour, challenge assumptions constructively, and propose forward-looking ideas that support inclusion, stability, trust, and resilience," he said.
