BoG to Mandate Digital Identity Standards, Launch AI Risk Governance Group and Hold Quarterly Interoperability Forum
The Bank of Ghana (BoG) is set to implement sweeping reforms to deepen digital finance inclusion and interoperability in the country, with a clear push towards biometric authentication, artificial intelligence (AI) governance, and open banking standards.
Addressing industry stakeholders at the Ghana Association of Banks’ Industry Thought Leadership Event held on Tuesday, June 17, 2025, Governor of the Central Bank, Dr. Johnson P. Asiama, announced three major initiatives aimed at reshaping Ghana’s financial landscape in response to rapid technological change.
The event was themed “Banking the Last Mile: An Industry-Led Strategy for Accelerating Digital Finance.”
Dr. Asiama disclosed that the BoG is working closely with relevant agencies to roll out biometric financial authentication infrastructure, a move he says will enable every Ghanaian to be “uniquely identified across financial institutions and platforms.”
“We must deepen the interoperability of digital platforms—not just for payments, but for identity, credit scoring, and data portability,” he stated, urging industry leaders to align their systems with open banking standards and co-invest in secure APIs.
He cautioned that while innovation is crucial, it must not outpace safety, especially as the financial sector ventures into complex technologies such as tokenized money markets, blockchain-based settlements, and algorithmic credit scoring.
In line with its broader vision, the Bank announced the introduction of the following three initiatives:
National Digital Finance Interoperability Forum:
A quarterly stakeholder platform to be launched in Q4 2025, aimed at fostering continuous dialogue and policy alignment among banks, fintechs, telcos, and regulators.Digital Identity Integration Mandate:
New guidelines will soon be issued requiring all financial service providers to adopt interoperable digital identity standards in their Know-Your-Customer (KYC) and fraud detection frameworks.AI and Risk Governance Working Group:
The BoG will partner with the Ghana Fintech and Payments Association and selected commercial banks to draft policy recommendations on the responsible use of AI in credit scoring, fraud detection, and financial decision-making.
“These are not isolated actions,” Dr. Asiama noted. “They reflect our long-term vision of a safe, interoperable, and inclusive financial ecosystem—with industry as the co-architect.”
He further disclosed that the Central Bank is in the advanced stages of finalising the Virtual Assets and Virtual Asset Service Providers (VASP) Bill, which is expected to offer legal clarity for Ghana’s emerging virtual asset ecosystem.
The Governor also cited international regulatory innovation, noting that Ghana can draw inspiration from models such as the UK’s Financial Conduct Authority (FCA), which is working with AI firms like Nvidia to explore new digital finance use cases in controlled environments.
“Innovation is happening everywhere—but Ghana must not just follow. We must lead, here in Africa,” Dr. Asiama charged, calling on banks and fintechs to actively engage in regulatory co-creation and sandbox initiatives.
The central bank’s latest pronouncements underscore its commitment to modernising Ghana’s financial infrastructure, with a focus on inclusion, transparency, and systemic resilience.
