The Bank of Ghana (BOG) has urged all players in the FinTech ecosystem to uphold the Bank’s mandate in building a robust financial framework without stifling innovation among companies.
The Head of the FinTech Oversight and Supervision Unit at the FinTech and Innovation Office of the Bank of Ghana (BOG), Mr. Hayford Kumah, representing the Governor of the Bank of Ghana during the 2025 Fintech Stakeholder Dinner and Awards in Accra, stressed on the Bank’s objective to foster, encourage, promote, cultivate, and spur innovation among FinTech companies and associated financial institutions.
“Our [Bank of Ghana] mandate is clear: to foster trust, safety, and soundness of the financial system. We are not here to stifle innovation. I want to say that again, we are not here to stifle innovation, but to provide a clear and robust framework in which innovation can thrive along with safety and sustainability.”
Mr. Hayford Kumah, Head of the FinTech Oversight and Supervision Unit, BOG
Bank of Ghana Awarded
Out of the 22 awards given on the night, the Bank of Ghana was adjudged the FinTech enabler/regulator of the year. Some of the other award winners include Hubtel (Overall best FinTech partner of the year), First Atlantic Bank (overall best partner bank of the year), and Letshego (FSB partner of the year).
While delivering a speech on behalf of all awardees, Mr Kumah appreciated Mobile Money Limited for the thought and recognition, and acknowledged that acts like this are what push companies and individuals to work harder.
“On behalf of the Governor and the entire Bank of Ghana, we sincerely appreciate Mobile Money Limited for the award that we have been given, and we also appreciate them for awarding various enablers within the ecosystem, because we believe in actions like this, rewarding people for hard work and recognizing the efforts that are made towards building the ecosystem that led to Ghana [to be] crowned the number one regulator per the GSMA Mobile Money Regulatory Index (MMRI) for 2024.”
Mr. Hayford Kumah, Head of the FinTech Oversight and Supervision Unit, BOG
He declared that the Bank of Ghana sees Mobile Money Limited as “a vital partner in our shared mission to drive financial inclusion and economic innovation across Ghana and across borders.”
Regulator Rallies Stakeholders for Compliance
Mr Hayford Kumah, on behalf of the Bank of Ghana, enjoins stakeholders to support the regulator to protect consumers, build trust, and combat money laundering. Together, we can build a stronger ecosystem, he said.
“So, beyond this award, to all of you out here, Mobile Money Limited, other FinTech companies, the banks, and all players within the ecosystem, we ask of you to assist us along this journey by performing three tasks.
“One, help us protect consumers. Two, help us combat financial crime by adhering to anti-money laundering and combating the financing of terrorism by putting in place adequate measures. And last but not least, help us build trust within the ecosystem. And the foundation of building trust is compliance, because the currency of trust is how compliant an institution is.”
Mr. Hayford Kumah, Head of the FinTech Oversight and Supervision Unit, BOG
He insisted that working together and being compliant with the regulations “will assure my boss, the Governor, our international partners, as well as every user, that your operations are sound, they are transparent, and they are built on ethical governance.”
The Bank of Ghana remains steadfast in fostering a cash-lite, digitally inclusive economy by promoting innovation, ensuring stability, and enhancing consumer protection through a supportive regulatory framework while building a robust FinTech ecosystem to drive growth and efficiency in digital finance.
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