Ghana’s central bank, the Bank of Ghana, has issued a draft Open Banking Directive with the aim to “accelerate the adoption of digital financial services” and “improve the overall functioning” of the country’s payments and financial ecosystem.
The draft Directive has been developed in collaboration with key stakeholders and establishes what the central bank called “clear rules” around data protection, security protocols, and operational standards for participants.
The central bank has proposed establishing the Open Data Exchange (OpenDX) platform, a dedicated public digital infrastructure, “to facilitate the safe and secure sharing of customer-consented data” among participating institutions.
The OpenDX, which will be governed by a board of directors, will coordinate and lead the creation of the “necessary infrastructure” for data sharing and will also determine the standards for APIs and other infrastructure required to connect to the platform.
The Bank of Ghana stated that the Directive has been published to ensure the Ghanaian financial ecosystem remains secure, efficient and “globally competitive”.
Its own responsibilities, as set out in the draft Open Banking Directive, include establishing and operating the OpenDX platform, and appointing individuals to serve on the board and management team of OpenDX.
The Bank of Ghana will also oversee the conduct of participating institutions, and act as the tertiary point of call in relation to consumer complaints that are left unresolved by financial institutions. Finally, it will be responsible for educating the public about Open Banking.
In a press statement, the central bank said: “Open Banking, a transformative development in financial services globally, aims to create a more integrated and inclusive financial ecosystem by facilitating the secure sharing of customer-consented data.
“This seeks to promote innovation in financial service delivery and engender competition among regulated financial institutions.”
It expects the initiative to facilitate collaboration among regulated financial institutions, providing consumers with more financial products and services from which to choose.
The Bank of Ghana is now soliciting feedback from the public. Stakeholders are being invited to submit comments within 30 days from the date of publication of the directive, which was 20 December 2024.
Once it has received responses, the central bank will engage key stakeholders to operationalise the Directive when an implementation date is announced.
