BoG opens door for fully fledged non-interest banks

The Governor added that the inauguration of NIFAC marked the next practical step in the development of the sector, providing the national advisory structure needed to support the orderly growth of non-interest banking and finance in Ghana.

The Bank of Ghana (BoG) has established the regulatory framework for the licensing of fully fledged non-interest banking institutions, potentially paving the way for new players and products in the country's financial sector.

Inaugurating the Non-Interest Financial Advisory Council (NIFAC) at the Bank Square in Accra last Tuesday, the Governor of BoG, Dr Johnson Pandit Asiama, stated that the guideline provides for existing financial institutions to offer non-interest services through dedicated windows.