Bank of Ghana Reviewing Three Non-Interest Banking Licence Applications

Three institutions have applied to the Bank of Ghana (BoG) for licences to run non-interest banking operations, the central bank has disclosed, pointing to rising interest in a part of the financial sector that is still taking shape in the country.

The applications are currently being assessed by the regulator. The review comes after the BoG put in place a framework setting out how non-interest financial institutions may be established and how they should operate in Ghana.

The disclosure was made by BoG Governor Dr Johnson Asiama in a speech read for him by Prof. John Gatsi, an Advisor at the Bank. Prof. Gatsi delivered the address at the fifth Non-Interest Finance International Conference, held in Accra on November 7, 2026, as first reported by Citi News.

According to the Governor, the central bank consulted widely and studied the experience of other countries before drawing up the rules. He said the aim was a framework that backs the growth of the sector while keeping competition with conventional banks fair.

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"We have developed a regulatory framework that took into consideration lessons from many jurisdictions – both secular and non-secular," Dr Asiama said in the speech.

He added that the Bank had engaged key stakeholders in the process, with the goal of producing rules that promote non-interest banking "on a non-discriminatory basis".

The framework includes safeguards in four main areas: consumer protection, liquidity management, tax neutrality and governance standards. Dr Asiama said these provisions were needed to allow effective supervision, to protect customers and to build public confidence in non-interest banking.

Beyond licensing banks, the Governor said the BoG was also working on other parts of the non-interest finance market. These include non-interest bonds and insurance products, which he said would widen the range of investment options and help institutions manage their liquidity.

Dr Asiama argued that growth in non-interest banking could make Ghana's financial system more diverse, offer new sources of financing and help more people gain access to financial services.

He restated the central bank's commitment to building the sector under a sound regulatory and supervisory regime. He also said non-interest financial institutions are expected to complement, rather than replace, the services already offered by conventional banks.

The Governor did not name the three institutions that have applied, and no timeline for a decision on the applications was given in the speech.