Bank of Ghana gives Fintechs waiver to have 50% capital in non-current assets, here's why

The Bank of Ghana (BoG) has permitted 50% of the prescribed minimum capital required for existing Fintechs to be held in non-current assets.

Dr Ernest Addison, Bank of Ghana Governor

According to the central bank, despite the move, the remaining 50% should be deposited in a designated account at the Central Bank.

The Governor of the BoG, Dr Ernest Addison announced this at the maiden Mobile Technology for Development Event.

The Central Bank in furtherance of its objectives of fostering financial innovation has also taken into consideration the size, nature and characteristics of each financial technology company in prescribing the required minimum capital, governance, and systems requirements for all fintech operating in Ghana.

Currently, the increasing mobile phone usage has enhanced the appeal of mobile money for payment services and holds prospects for eliminating constraints to financial inclusion.


To meet the myriad needs of consumers of such products and widen the scope for financial technology firms and other non-bank entities in the payment ecosystem, Dr Addison said his office in collaboration with stakeholders has developed a five-year strategic plan (2019-2024).

The key objects of the strategic plan include developing and implementing a comprehensive and clear regulatory and governance framework; promoting free, competitive and orderly development of the payments eco-system to encourage innovation, deepening financial inclusion and promote financial technologies.

Dr Addison said the strategic plan also provides for leveraging Ghana’s Fintech capacity to lower barriers to the entry for non-traditional players through the strict implementation of the laws and regulations that support the development of the sector.

The Bank of Ghana’s policy responses to emerging financial technologies he noted will continue to be driven by the inherent risks they pose to the financial stability and ultimately to protect the consumer.

In this direction, the Bank will fully engage all stakeholders and experts in the digital ecosystem to strike the right balance in the supervisory and regulatory frameworks.


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