In 2025, the Ghanaian banking sector is in the midst of a dynamic digital transformation, supported by government initiatives, technological innovations and the growing involvement of the fintech ecosystem. Ghana is experiencing significant growth in the field of digital banking. For example, Ghanaian fintech startup Affinity raised $8 million to expand its services, with 65% of its users previously not having access to formal banking products. 

Key Trends in Digitalization of Ghana’s Banking Sector 

The key trends and developments that define the current digitalization of banking in Ghana are as follows:​ 

1. Supporting Fintech Startups and Innovation 

Ghana has launched the FinTech Innovation Fund, which aims to support fintech startups and SMEs. The fund is part of the government’s broader plan to support digital transformation and ensure access to technology tools to improve productivity and connectivity. ​

2. Artificial Intelligence and Big Data 

Fintech companies in Ghana are using artificial intelligence and big data to personalize financial services. These technologies enable fast and accurate credit decisions, fraud detection, and personalized financial advice. 

3. Blockchain and Cryptocurrencies 

Blockchain technology is becoming a key tool for secure and transparent transactions. Ghana is testing the e-Cedi digital currency, and companies like Zeepay and Chipper Cash are integrating blockchain for fast and cheap cross-border transfers. 

4. Open Banking and APIs 

Open banking allows third parties to access banking data through APIs, which encourages the emergence of new fintech products and services. This approach increases competition and improves the customer experience. ​ 

5. Super Apps and Embedded Finance 

Fintech companies in Ghana are integrating financial services into everyday applications such as mobile payments, loans and insurance. This allows users to access financial services directly from the applications they already use. ​ 

6. Expanding digital financial inclusion 

The Ghana Fintech and Payment Association plans to expand access to digital financial services to the northern and central regions of the country by 2025. The goal is to bridge the gap in digital access between different regions and increase financial inclusion. 

Launch of the e-Cedi digital currency 

The Bank of Ghana plans to launch the central digital currency, the e-Cedi, in 2025. The currency is designed to enable offline transactions, which is crucial for residents of rural areas with limited access to the internet. The e-Cedi project is a collaboration with German firm Giesecke+Devrient and aims to increase financial inclusion and modernize the country’s payment infrastructure. The Bank of Ghana developed the eCedi concept with the aim of increasing the digitalization of the Ghanaian economy, promoting financial inclusion and consumer adoption of digital payments, supporting the possibility of a safer, more efficient and more resilient payment system, and addressing the risk of unregulated privately issued digital “currencies” or virtual assets. The core principles of the eCedi design are built on governance, accessibility, interoperability, infrastructure and cybersecurity. The eCedi will be under the full control of the Bank of Ghana, which will be the sole entity that will create and destroy digital cash. Consumers should be able to make payments in a fewer, simple steps that are familiar to them, and without the need for sophisticated digital literacy. Most people in Ghana are already accustomed to paying with non-cash means such as mobile money, cards, QR codes, etc., so the transition from cash to eCedi, especially the registration process, is expected to be relatively easy.

Fintech licenses and cross-border cooperation 

In February 2025, the central banks of Ghana and Rwanda signed a memorandum of understanding that establishes Africa’s first framework for “passporting” fintech licenses. This framework allows regulated fintech companies to operate in both countries without having to obtain new licenses, facilitating expansion and innovation in the region. It is expected that more such interbank agreements will be signed. 

Regulatory framework and support for innovation 

Ghana has a regulatory framework in place that supports these fintech innovations. The framework includes:

A regulatory sandbox that allows fintech companies to test new products and services in a controlled environment without the full burden of regulation. This new regulatory and innovation sandbox was introduced by the Bank of Ghana back in 2022 as a framework to facilitate controlled, small-scale real-world testing of innovative financial products, services and business models. Eligible applicants seeking to participate in the regulatory sandbox are divided into two broad categories: regulated financial institutions and unlicensed financial institutions. Unlicensed financial institutions include unlicensed fintech startups. These institutions can apply to enter the regulatory sandbox alone or in collaboration with other licensed entities. 

The Fintech and Innovation Office, established by the Bank of Ghana to conduct licensing and supervise electronic money issuers, mobile money operators and other fintech entities. 

Opportunities for Czech companies 

The following three areas are particularly promising as the main areas for the application of Czech experts: 

a) Cybersecurity and IT infrastructure 

With the increasing digitalization of financial services, the need for robust IT infrastructure and security is also growing. Czech companies specializing in cybersecurity and IT solutions can offer their services in the area of ​​data and system protection. 

b) Fintech solutions and payment systems 

Czech fintech companies can offer innovative payment solutions, mobile applications and other digital tools that will support the efficiency and accessibility of financial services in Ghana. 

c) Cooperation within the framework of AfCFTA 

Thanks to Ghana's membership in the African Continental Free Trade Area (AfCFTA), Czech companies can take advantage of the single African market to expand their services. 

Going forward, Ghana is expected to continue strengthening its digital infrastructure, support fintech innovations and ensure wider access to financial services for all residents. With a continued focus on technologies such as AI, blockchain and open banking, Ghana is emerging as a leader in the digital transformation of the financial sector in West Africa. Czech companies should definitely take advantage of this. 

 

 

Written by: Beata Matusiková, Economic Diplomat, Embassy of the Czech Republic in Ghana