BoG Deepens Regulatory Preparations for Rollout of Non-Interest Banking and Finance in Ghana
The Bank of Ghana has reaffirmed its commitment to establishing a robust non-interest banking and finance (NIBF) ecosystem, emphasising that the model will broaden access to ethical and asset-backed financing products in the country.
Speaking on behalf of the Governor, Dr Johnson Asiama, the Head of Banking Supervision, Ismail Adam, said the central bank has reached a pivotal stage in its preparations following an extensive and inclusive engagement process with key stakeholders.
According to him, both Christian and Muslim groups have agreed to adopt the term “non-interest banking and finance” to reflect Ghana’s secular financial environment and ensure broad national acceptance.
Mr Adam noted that the Bank of Ghana is making its first major regulatory investment in commercialising the concept, adding that the introduction of NIBF—already operational in countries such as Nigeria—requires strong institutional capacity and technical expertise.
He stressed that non-interest banking, which is built on risk-sharing, asset-backed financing and profit-sharing mechanisms, demands specialised skills in product development, contract structuring, accounting, auditing and risk management.
“As regulators, we see capacity building as critical. It helps us build experience, build expertise, and provides clarity in our supervisory work,” he said.
The central bank, he added, expects financial institutions entering the space to upgrade their systems and infrastructure, as traditional core banking applications may not fully support non-interest operations. He also highlighted the importance of sound governance, indicating that draft guidelines propose a two-tier governance structure to strengthen compliance and risk oversight.
Mr Adam encouraged banks not to wait for the final directive before taking action, urging them to begin developing business cases, identifying target markets, and designing phased rollout plans for their proposed NIBF products.
He further noted that the BoG, working with the Securities and Exchange Commission and the National Insurance Commission, is harmonising regulatory guidelines to ensure a smooth and coherent industry take-off.
The workshop brought together regulators and industry participants to deepen understanding of the operational and regulatory requirements for NIBF. Discussions centred on product development, capital requirements, licensing procedures, liquidity management instruments and governance frameworks necessary for the rollout of non-interest banking in Ghana.
