Fintech & payments regulation in Ghana (2026)

Legal framework

Payment Systems and Services Act, 2019 (Act 987), administered by the Bank of Ghana (BoG) through its Fintech and Innovation Office

Key points: digital payments & fintech in Ghana

1. 01Primary statute & regulator

   The Payment Systems and Services Act, 2019 (Act 987), signed into law in May 2019, governs payment systems, payment services and electronic money, vesting licensing and oversight authority in the Bank of Ghana. Licences are valid for five years and renewable.

   bog.gov.gh ghalii.org

2. 02PSP & EMI licence categories

   BoG issues tiered Payment Service Provider licences (PSP Enhanced, PSP Medium, PSP Standard) and Dedicated Electronic Money Issuer (DEMI) licences, each with distinct minimum capital, technical (PCI DSS / ISO 27001) and AML/consumer-protection requirements, with at least 30% Ghanaian equity participation required.

   bog.gov.gh bog.gov.gh

3. 03Dedicated Electronic Money Issuers (DEMIs)

   DEMIs (e.g., MTN/Mobile Money, AirtelTigo, Vodafone/Telecel, Zeepay, GCB G-Money) are licensed to issue e-money, manage agents and wallets, and process peer-to-peer, cash-in/cash-out and merchant transactions under Act 987.

   bog.gov.gh bog.gov.gh

4. 04Instant-payment rails & interoperability

   GhIPSS Instant Pay (GIP) provides real-time, interoperable transfers between bank accounts and mobile-money wallets; the bank-wide GhanaPay mobile wallet (launched 2022) and a national QR scheme extend this rail. GIP value rose ~233% to GHC 47.5bn in 2024.

   ghipss.net thefintechtimes.com

5. 05Digital credit / BNPL licensing

   BoG introduced a dedicated Digital Credit Services Provider (DCSP) framework bringing digital lenders (including BNPL-type providers) under direct supervision, with minimum capital of GHC 2m and a GHC 20k fee; applications opened 3 November 2025.

   thebftonline.com iclg.com

6. 06Open banking (pilot stage)

   BoG announced (October 2025) a pilot Open Banking Framework for consent-based data sharing between banks and fintechs, guided by standards for data governance, cybersecurity and third-party accreditation; it remains at proof-of-concept/pilot stage rather than a final binding regime.

   thebftonline.com newsghana.com.gh

Timeline of decisions

1. 26 Sept 2025Guidance
   Bank of Ghana issues Digital Credit Services Providers Directive

   The Bank of Ghana formally classified Digital Credit Services as a Non-Bank Financial Service and opened licensing applications from 3 November 2025, requiring a minimum capital of GH¢2 million and 30% Ghanaian equity; unlicensed digital lenders were given until 30 June 2026 to regularise or face closure. The directive ends Ghana's 'wild west' era of unregulated mobile loan apps.

   Bank of Ghana / TechAfrica News

2. 1 Mar 2023Law
   E-Levy rate reduced from 1.5% to 1% on electronic transfers

   Following sharp declines in mobile money transaction volumes after the levy's introduction in 2022, Parliament reduced the Electronic Transaction Levy rate to 1% on daily transfers above GH¢100, attempting to revive digital payment adoption while retaining the revenue measure.

   Parliament of Ghana / Wikipedia

3. 19 Aug 2022Decision · official
   Bank of Ghana launches Regulatory and Innovation Sandbox

   The Bank of Ghana went live with a formal Regulatory Sandbox — powered by EMTECH Solutions — open to licensed financial institutions and unlicensed fintech start-ups to test innovative products under regulatory supervision. The sandbox follows a 2021 pilot that tested outbound remittance and financial kiosk solutions.

   Bank of Ghana

4. 1 May 2022Law
   Electronic Transaction Levy (E-Levy) takes effect at 1.5%

   Parliament passed the E-Levy Act in March 2022, and the levy came into force on 1 May 2022, imposing a 1.5% charge on electronic transfers (mobile money, bank transfers, merchant payments, and inward remittances) above GH¢100 per day. The tax was designed to broaden the tax base but triggered a significant drop in mobile money transaction volumes.

   Media Foundation for West Africa

5. 1 Mar 2022Decision · official
   Bank of Ghana publishes eCedi Design Paper and launches retail CBDC pilot

   The Bank of Ghana published the eCedi Design Paper and began a four-month retail CBDC pilot in Accra, Tarkwa, and Sefwi Asafo involving approximately 2,750 participants making real transactions, testing both online and offline modes. Full launch was subsequently delayed due to high inflation in 2022–2023.

   Bank of Ghana

6. 1 May 2020Decision · official
   Bank of Ghana establishes FinTech and Innovation Office (FIO)

   The Bank of Ghana created a dedicated FinTech and Innovation Office to drive the national cash-lite, e-payments, and digitalisation agenda and serve as the primary interface between the regulator and fintech operators. The FIO also coordinates the Regulatory Sandbox and open banking policy.

   Bank of Ghana

7. 1 Jul 2019Decision · official
   Mobile Money Interoperability Phase II fully launched

   The Bank of Ghana and GhIPSS completed the second phase of mobile money interoperability, making mobile money, e-zwich, and gh-Link fully interoperable across all networks. Governor Ernest Addison's launch speech noted interoperability-supported payments had already reached GH¢308 million ($57 million) and made Ghana the fastest-growing mobile money market in Africa.

   Bank of Ghana

8. 13 May 2019Law · official
   Payment Systems and Services Act 987 signed into law

   President Akufo-Addo signed Act 987, the comprehensive new law governing all payment service providers and electronic money issuers (EMIs), repealing the 2003 Act 662. The law introduced tiered licensing categories, a five-year licence validity, 30% minimum Ghanaian equity requirements, and mandatory Data Protection Commission registration for applicants.

   Digital Policy Alert / Parliament of Ghana

9. 10 May 2018Decision
   Ghana launches first Mobile Money Interoperability System in Africa

   Vice President Bawumia launched Phase I of Ghana's Mobile Money Interoperability System through GhIPSS, making Ghana the first country in Africa to achieve cross-network mobile money transfers. The system eliminated the need for users to be on the same network to transfer funds, dramatically boosting digital payment volumes.

   Alliance for Financial Inclusion

10. 1 Jan 2008Decision · official
    GhIPSS launches e-zwich biometric smart card payment system

    Ghana Interbank Payment and Settlement Systems (GhIPSS) introduced e-zwich, a biometrically-enabled smart card allowing banking services across any e-zwich-enabled institution, serving as the foundational retail digital payment infrastructure and financial inclusion tool for the unbanked.

    GhIPSS

11. 31 Dec 2003Law · official
    Payment Systems Act 662 — Ghana's first electronic payments law enacted

    The Payment Systems Act 2003 (Act 662) authorised the Bank of Ghana to establish, operate, promote, and supervise payment, clearing, and settlement systems, providing the foundational legal basis for electronic payments in Ghana including the Real Time Gross Settlement (RTGS) system. It remained in force until repealed by Act 987 in 2019.

    GhaLII / Parliament of Ghana

Sources

1. 1.bog.gov.gh/wp-content/uploads/2019/08/Payment-Systems-and-Services-Act-2019-Act-
2. 2.ghalii.org/akn/gh/act/2019/987/eng@2019-05-14/source.pdf
3. 3.bog.gov.gh/fintech-innovation/licence-categories/
4. 4.bog.gov.gh/fintech-innovation/licence-requirements/
5. 5.bog.gov.gh/wp-content/uploads/2020/07/Licensing-Requirements-for-EMI-and-PSP-lat
6. 6.ghipss.net/media-center/news-article/142-ghipss-instant-pay-emerges-as-catalyst-
7. 7.thebftonline.com/2025/10/03/digital-credit-licensing-in-ghana-a-turning-point-for-incl
8. 8.thebftonline.com/2025/10/27/bog-to-pilot-open-banking-framework-boosting-data-sharing-
9. 9.iclg.com/practice-areas/fintech-laws-and-regulations/ghana
10. 10.thefintechtimes.com/ghipss-launches-bank-wide-ghanapay-mobile-money-service/
11. 11.newsghana.com.gh/bank-of-ghana-to-pilot-open-banking-framework/