Experts Advocate for Unified Open Banking API in Ghana
Leading figures in Ghana’s financial technology sector are urging the Bank of Ghana (BoG) to prioritize the development of a standardized open banking API infrastructure. This unified framework, they argue, is crucial for driving financial inclusion, stimulating innovation, and enhancing the delivery of digital services across the entire financial landscape.
Call for Collaboration and Standardization
During the 2025 Fintech Stakeholder Forum in Accra, organized by MobileMoney LTD, representatives from Ghana Interbank Payment and Settlement Systems (GhIPSS), MobileMoney LTD, and IMANI Center for Policy and Education emphasized the need for collaborative efforts. These experts believe that banks, fintech companies, and regulatory bodies must work together to establish a common national framework that promotes open banking and seamless interoperability. Open Banking APIs provide a secure method for banks and other financial institutions to share financial data with authorized third-party providers (TPPs), fostering a more connected and efficient financial ecosystem.
The implementation of a unified open banking API is seen as a pivotal step in unlocking Ghana’s fintech potential. By establishing clear regulatory frameworks for digital credit and digital assets, Ghana can harness the power of fintech to drive economic growth and improve access to financial services for all its citizens. This collaborative push towards standardization signals a significant step forward in Ghana’s journey towards a more inclusive and innovative financial future.
Keywords
Related Keywords: Open Banking API, Bank of Ghana, BoG Open Banking, Unified API, Ghana Fintech, Fintech Infrastructure, API Standardization, Banking API Infrastructure, Ghana Open Banking Initiative
