Regulation should safeguard innovation, not stifle it – BoG

Speaking at the Ecobank–JoyNews Business Financial Dialogue held at the Ecobank Auditorium on Tuesday, July 28, Head of the DEMI & PSP Office at the FinTech & Innovation Department of the Bank of Ghana, Hayaford Kumah, said the central bank is deliberately pursuing a balanced and proportionate regulatory approach to encourage innovation while maintaining the safety and stability of the financial system.

Rather, regulation should help safeguard innovation in a manner that protects the informal sector worker, the less educated person, and everyone using digital financial services," he noted.

Head of the DEMI & PSP Office at the FinTech & Innovation Department of the Bank of Ghana, Hayaford Kumah The Bank of Ghana (BoG) has reaffirmed its commitment to fostering innovation through a regulatory framework that promotes growth while protecting consumers, stressing that regulation should enable innovation rather than hinder it.