BOG Open Banking Directives - Impact on the Financial Ecosystem

RATIONALE

Open Banking represents a paradigm shift in financial services, enabling customers to securely share their banking data with authorized third-party providers (TPPs) through standardized Application Programming Interfaces (APIs). This model promotes transparency, competition, and personalized financial solutions, while placing control firmly in the hands of the customer.

In Ghana, the Bank of Ghana (BoG) is spearheading this transformation through its Draft Open Banking Directive for Regulated Financial Institutions, issued in December 2024. The directive outlines a framework for safe, consent-based data sharing between banks, fintechs, and other financial institutions. It emphasizes data governance, cybersecurity, interoperability, and third-party accreditation, ensuring that innovation is built on trust and inclusion.

 LEARNING OBJECTIVES

• Explain the concept of Open Banking and its relevance to Ghana’s financial ecosystem.
• Interpret key provisions of the Bank of Ghana’s Open Banking Directive, including API standards, data governance, and third-party access protocols.
• Analyze the regulatory implications for banks, fintechs, and Mobile Money Operators under the BoG framework.
• Demonstrate how customer consent, data privacy, and cybersecurity are enforced in Open Banking models.
• Evaluate interoperability challenges and opportunities in Ghana’s digital finance landscape.
• Apply Open Banking principles to real-world Ghanaian case studies, including use in payments, lending, and financial inclusion.

 COURSE CONTENTS

• Module 1: Introduction to Open Banking

Definition and global evolution (UK, EU, Nigeria, Kenya)

Benefits: innovation, competition, financial inclusion

Risks: cybersecurity, data misuse, liability

• Module 2: Ghana’s Regulatory Context

Overview of BoG’s digital finance reforms (Payment Systems Act, Cybersecurity Act, Data Protection Act)

Positioning of the Open Banking Directive within Ghana’s regulatory ecosystem

Stakeholder landscape: banks, fintechs, telcos, regulators

• Module 3: BoG Open Banking Directive – Core Provisions

Objectives & Scope (who participates, what data sets are covered)

Guiding Principles (security, transparency, customer-centricity)

Governance & OpenDX (roles, responsibilities, oversight)

Access Rules & Consent Management (granting, revoking, auditing consent)

Data Privacy & Ethics (alignment with Ghana’s Data Protection Act)

• Module 4: Technical & Operational Standards

API standards and interoperability requirements

Data standardization and cybersecurity protocols

Testing, certification, and sandbox environments

• Module 5: Responsibilities & Liabilities

Duties of financial institutions, fintechs, and third-party providers

Liability frameworks in case of breaches or misuse

Dispute resolution and consumer protection mechanisms

• Module 6: Strategic Implications

Opportunities for banks (partnerships, new revenue streams)

Opportunities for fintechs (innovation, faster scaling)

Consumer empowerment (better financial control, faster loan approvals)

• Module 7: Case Studies & Practical Exercises

Ghanaian scenarios:

Linking mobile money & bank accounts for credit scoring

API-driven loan approvals in rural banking

Consent management failures and remediation

International comparisons (UK’s CMA9, Nigeria’s Open Banking Framework)

• Module 8: Implementation Roadmap

Phased adoption strategy for Ghanaian institutions

Change management and staff training

Monitoring, reporting, and compliance audits

• Module 9: Future Outlook

Open Finance & Open Data beyond banking

Integration with AI, blockchain, and digital ID systems

Role of BoG in continuous innovation

BOG Open Banking Directives - Impact on the Financial Ecosystem

Duration: 3 days

Skill Level: Foundation

Delivery Mode: Virtual

Month: March