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BoG unveils open banking draft to boost digital finance

Source The Ghana Report

The Bank of Ghana (BoG) has introduced a draft Open Banking Directive to transform the financial sector through innovation and inclusivity.

This directive provides a framework for regulated financial institutions (RFIs) to securely share customer-consented data via Application Programming Interfaces (APIs).

It is designed to enhance financial inclusion, foster innovation in service delivery, promote competition among RFIs, and ensure secure data sharing.

Participating institutions include Universal Banks, Development Banks, Savings and Loans Companies, Microfinance Companies, Apex Bank, Rural and Community Banks, and others.

To achieve these goals, BoG emphasizes ethical and responsible practices, guided by principles such as transparency, interoperability, usability, and reciprocity.

To support the implementation, the BoG plans to establish the Open Data Exchange (OpenDX) platform—a public digital infrastructure enabling safe and efficient data sharing among RFIs.

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