Dr. Zakari Mumuni
The Bank of Ghana (BoG) has initiated broad stakeholder consultations toward the development of a new National Payment Systems Strategy (2025–2029), aimed at deepening innovation, inclusion, and resilience in Ghana’s rapidly evolving digital financial landscape.
The new strategy, unveiled at a stakeholder workshop held in Accra on October 29, 2025, seeks to build on the successes of the previous 2019–2024 framework, which significantly expanded digital payment channels and strengthened interoperability across platforms.
Delivering the opening remarks, Dr. Zakari Mumuni, First Deputy Governor of the Bank of Ghana, said the new framework would mark “not just continuity, but transformation” in Ghana’s digital finance journey.
“The transition to the new National Payment Systems Strategy represents an opportunity to reimagine our payment systems for the next phase of Ghana’s digital economy — one that is more resilient, inclusive, and globally competitive,” Dr. Mumuni stated.
Dr. Mumuni noted that Ghana has made remarkable progress under the previous strategy, becoming one of Africa’s leaders in payment systems development. He cited the expansion of digital payment channels, enhanced interoperability, and strengthened regulatory frameworks that have fostered trust and innovation within the financial ecosystem.
However, he observed that new technologies — including virtual assets and tokenisation — are transforming the global financial landscape, presenting both opportunities and challenges for policymakers and regulators.
The Deputy Governor emphasized the need to balance innovation with stability in the evolving payments environment. He highlighted ongoing policy efforts to promote data interoperability (open banking) and develop public digital infrastructures that reduce barriers to entry for new market participants.
He also cited the growing importance of electronic Know Your Customer (eKYC) systems and trusted digital identity frameworks, which are enabling greater participation of non-bank entities in the payment ecosystem and driving financial inclusion.
At the same time, Dr. Mumuni cautioned that the surge in digital financial activity has heightened exposure to cybersecurity threats and online fraud, urging stakeholders to remain vigilant.
“We must not allow these risks to erode the considerable progress we have made. Our collective resolve — spanning regulators, innovators, and industry stakeholders — is stronger than the challenges confronting us,” he said.
The workshop, attended by representatives from commercial banks, Fintechs, mobile money operators, payment service providers, and development partners, was designed to provide a platform for dialogue and evidence-based input into the draft strategy.
Dr. Mumuni commended the BoG’s internal team and external partners for their collaboration in developing the draft document and encouraged participants to engage openly and constructively in refining its priorities.
“Let us use this forum to strengthen partnerships, deepen mutual understanding, and align our efforts toward our shared vision anchored on secure, efficient, innovative, and accessible payment systems,” he said.
The National Payment Systems Strategy (2025–2029) is expected to guide Ghana’s next phase of digital transformation, focusing on innovation, financial inclusion, cybersecurity resilience, and global competitiveness in payment systems.
