Innovation must never come at the expense of trust – BoG

The Bank of Ghana (BoG) has reiterated that innovation in the financial sector must be supported by strong regulation, consumer protection and public confidence to ensure sustainable financial inclusion.

Mr Asare said the central bank will continue to strengthen oversight of digital financial services by maintaining high licensing standards, enhancing consumer protection and working with other financial regulators to build a common early warning system to improve cyber resilience across the sector.

Speaking on behalf of the Governor of the Bank of Ghana at the Ecobank–JoyNews Business Financial Dialogue held on Tuesday, July 28, at the Ecobank Head Office, Mr Owureku Asare, Head of Fintech at BoG, said Ghana's progress in digital finance has been driven not only by investments in technology but also by the trust customers have in the financial system.