BoG to Introduce Non-Interest Banking Slowly to Protect Market Confidence
Ghana is taking a careful step into non-interest banking — and the Bank of Ghana wants to make sure it is done right.
At a thought leadership webinar hosted by the Chartered Institute of Bankers (CIB) Ghana, Prof. John Gatsi, Advisor to the Governor, explained that the central bank will roll out non-interest banking gradually to avoid market disruption and ensure strong regulatory oversight.
“We are introducing this in a secular economy, so we must ensure neutrality and proper controls,” he explained. He stressed that the first phase will not include microfinance, rural, and community banks until the system stabilizes.
Two License Options
To guide participation, the Bank of Ghana will introduce two types of licenses:
• A “window license” for conventional banks that want to offer non-interest products alongside their existing services
• A full non-interest banking license for institutions that will strictly operate under non-interest rules
This approach, Prof. Gatsi said, gives banks room to build expertise and allows regulators to monitor the market closely before scaling up.
Lessons from Nigeria Strengthen the Case
Joining the discussion from Nigeria, Mr. Attahiru M. Maccido, CEO of One 17 Capital Ltd, pointed out that non-interest finance has proven viable in markets once considered skeptical. Nigeria’s Jaiz Bank and TAJBank, he said, succeeded because of strong governance and continuous public education.
“When transparency is strong and people understand the purpose of risk-sharing, the market responds positively,” he said.
Not Just Interest-Free — But Ethical and Inclusive
According to Dr. Shaibu Ali of the Islamic Finance Research Institute of Ghana, non-interest banking is anchored on ethical finance. Every product must be tied to a real economic activity or asset, preventing speculation and excessive risk-taking.
“It is finance that demands fairness. It ensures money is not made from money alone,” he added.
Banks See Practical Market Demand
Commercial banks are observing clients who already decline interest on deposits.
GCB Bank and Société Générale Ghana executives noted that non-interest products could expand access in:
• Retail and personal finance
• SMEs and agribusiness
• Infrastructure financing through Sukuk instruments
• ESG and sustainability-linked investments
CIB Ghana to Lead Industry Training
CIB Ghana CEO, Mr. Robert Dzato, announced that the Institute will roll out a professional certification programme in non-interest banking under the 2025 Bankers’ Week celebrations.
“Our goal is to prepare the industry with the right knowledge and ethical foundations,” he said.
The webinar formed part of this year’s Bankers’ Week theme: “Building Future-Ready Banks: Ethical Leadership, Sustainable Finance and Currency Stability.”
