Dr Zakari Mumuni, First Deputy Governor, Bank of Ghana, says empirical research and lived experience have proven that payment systems interoperability promotes efficiency, convenience and improved access to financial services.
He said, however, alongside these gains were a set of concerns that called for collective attention.
Dr Mumuni was speaking at the stakeholder workshop on the draft National Payment Systems Strategy (2025–2029).
He said the emergence of dominant digital platforms raised important questions about market competition, inclusiveness, financial stability, and resilience of payment systems.
The First Deputy Governor said over the past five years, under the National Payment Systems Strategy (2019–2024), Ghana had made remarkable progress in modernising its payment infrastructure.
He said the country had witnessed the expansion of digital payment channels, deepened interoperability across platforms, and strengthened regulatory frameworks that foster trust and innovation.
These collective efforts have enhanced access, empowered consumers, and positioned Ghana as one of Africa’s leaders in payment systems development.
He said the country was now witnessing a transformative shift in the global financial landscape, driven by the rise of virtual assets and the rapid advancement of tokenisation technologies.
This evolution is redefining how economies operate, as digital platforms have become the new arena where value is created, exchanged, and distributed.
These platforms are revolutionising commerce and spurring innovation in financial services, with payment systems serving as a critical network of bridges in a digital economy, enabling seamless and real-time transactions.
He said to address these concerns, policymakers and regulators were implementing forward-looking strategies that preserve innovation while safeguarding stability.
These include promoting data interoperability, often referred to as open banking, and developing public digital infrastructures that lower entry barriers for market participants.
He said initiatives such as electronic Know Your Customer (eKYC) frameworks and trusted digital identity systems have made it easy and cost-effective for nonbank entities to participate in the payment ecosystem, thereby expanding financial inclusion in new and meaningful ways.
“Nonetheless, we have observed a surge in cybersecurity threats and online fraud as the adoption of digital financial services accelerates, almost mirroring the pace of growth in digital transactions,” he added.
He said stakeholders must not allow these risks, though formidable, to erode the considerable progress made.
He said with collective resolve, spanning regulators, innovators, and industry stakeholders was stronger than the challenges confronting them.
He said the draft strategy would be discussed in the next few days and had been designed as a living document that must draw on the collective wisdom, experiences, and aspirations of all stakeholders present.
Dr Mumuni said the insights shared would help refine its priorities, strengthen its relevance, and ensure it remains responsive to the fast-evolving payments environment over the next five years.
The transition to the new National Payment Systems Strategy (2025-2029) represents not just continuity, but transformation.
” It is 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,” he said.
It provides a platform for open dialogue, evidence-based reflection, and strategic alignment.
He commended the resolute team within the Bank of Ghana who led the review of the 2019–2024 Strategy and coordinated the development of this draft strategy document.
He also commended partners, commercial banks, Fintechs, payment service providers, mobile money operators, and development agencies for their invaluable contributions and continued collaboration.
Source: GNA
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