Fintech & payments regulation in Ghana (2026)

President Mahama assented to the VASP Act, establishing a comprehensive licensing and supervisory framework for crypto exchanges, wallet providers, and payment platforms, with the Bank of Ghana and SEC as co-regulators. The law moves an estimated $3 billion in annual informal crypto activity into the regulated financial perimeter.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.