By Nelson Ayivor
A growing number of fintech and policy experts are calling on the Bank of Ghana (BoG) to spearhead the creation of a unified open banking API framework to strengthen interoperability, accelerate innovation, and expand access to digital financial services.
An Open Banking API (Application Programming Interface) allows banks and licensed third-party providers to securely share financial data, enabling seamless transactions and improved customer experiences.
At the 2025 Fintech Stakeholder Forum in Accra, industry leaders from the Ghana Interbank Payment and Settlement Systems (GhIPSS), MobileMoney Ltd (MML), and the IMANI Center for Policy and Education emphasized that Ghana needs a common set of API standards to unlock the full potential of digital finance.
Mrs. Clara B. Arthur, Chief Executive Officer of GhIPSS, said interoperability had already provided a foundation for open banking and API standardization.
“Interoperability affords answers to API and open banking,” she stated. “These can be achieved if all players have common API standards, which make it easier for fintechs to connect to the national payment infrastructure and for banks to integrate more seamlessly.”
“We must harmonize the Open Banking Initiative with the National Data Harmonization Framework,” she said. “Doing so will consolidate Ghana’s position as Africa’s fintech leader ahead of Nigeria and on par with Kenya, with the most robust regulatory ecosystem in West Africa.”
She added that such coordination would also strengthen data privacy, cybersecurity oversight, and consumer protection, enhancing Ghana’s reputation as a trusted digital finance hub and positioning the country to drive regional payment interoperability within ECOWAS.
Participants agreed that Ghana’s fintech growth depends on a unified open banking API framework, supported by national standards, strong regulatory coordination, and real-time settlements.
As the country deepens digital financial inclusion, experts believe that collaboration among the Bank of Ghana, GhIPSS, fintechs, and telecom operators will be crucial to achieving a secure, innovative, and inclusive financial ecosystem.