In a significant move to deepen financial inclusion and promote stability in the banking sector, the Bank of Ghana (BoG) has released a comprehensive set of guidelines for the regulation and supervision of Non-Interest Banking Institutions (NIBIs).
The guidelines, titled “Guideline for the Regulation and Supervision of Non-Interest Banking”, provide a framework for licensing, governance, and supervision of non-interest financial products and services.
This move is expected to enhance financial inclusion, ensure regulatory compliance, and promote stability in Ghana’s banking sector. The draft will become a working document by December 24, 2025, all things being equal. This falls within the ‘before end of 2025’ timeline set by the central bank to get NIBF operationalised in the country.
“The guidelines are part of BoG’s efforts to regulate non-interest banking in line with the BOG’s Procedures for Issuance of Directives, 2020,” said the Bank in a statement.
According to the guidelines, NIBIs will be required to operate with sound financial footing and transparent governance. The guidelines prescribe minimum paid-up capital and fees, and foreign-owned NIBIs are required to bring in at least 60% of the required capital in convertible currency, to be invested in non-interest compliant instruments.
“The move is expected to enhance financial inclusion, ensure regulatory compliance, and promote stability in Ghana’s banking sector,” said the statement.
This has been made possible tireless effort and consistent advocacy by the Bank of Ghana expert team led by Professor John Gartchie Gatsi, Advisor to the Governor of the Bank of Ghana.
Key provisions of the guidelines include:
– Licensing and Approval: The central bank will review all non-interest banking licenses and may subject pending applications to additional scrutiny.
– Compliance Testing: Institutions must demonstrate successful compliance with Non-Interest Banking (NIB) principles before full operation.
– Documentation: Non-English submissions must be accompanied by certified English translations, and the Bank may require verification or certification of supplied information.
– Timelines: Processing timelines for applications will follow Acts 930, 1032, and section 5 of Act 774.
The guidelines also define various types of NIBIs, including full-fledged non-interest banks, rural/community banks, specialised deposit-taking institutions, microfinance institutions, and foreign non-interest subsidiaries.
The Bank of Ghana has invited comments from the banking industry and the public on the Exposure Draft, which is available on the BoG website at www.bog.gov.gh. Interested parties can submit comments to bodletters@bog.gov.gh by 24 December 2025.
The release of these guidelines is expected to enhance the integrity of non-interest banking in Ghana, offering clearer rules for market entry and operation while protecting consumers and promoting stable financial practices.
Speaking on the guidelines, Prof Gatsi said, “The guidelines are designed to ensure price stability and financial stability while fostering new banking and finance jobs.
“The guidelines are part of the Bank of Ghana’s efforts to promote financial inclusion and support real-sector growth, and align Ghana’s financial system with the Sustainable Development Goals.”
The move is seen as a significant step towards promoting Islamic finance and other non-interest banking products in Ghana, and is expected to contribute to the country’s economic development.
By Adnan Adams Mohammed
