Ghana is set to introduce its first non-interest banking institution before the end of 2026, marking a major step toward expanding the country’s financial services sector and providing alternative financing options for businesses and individuals.

Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, revealed that one indigenous bank has officially applied for a non-interest banking licence, while four other financial institutions are preparing to submit applications.

Speaking after the 130th Monetary Policy Committee (MPC) meeting in Accra on Wednesday, Dr. Asiama said the central bank had made significant progress in developing the regulatory and supervisory framework needed to support the new banking model.

According to him, detailed operational guidelines released in January 2026 have helped move the process closer to implementation.

“A lot has been done. Hopefully this year, we’ll see the first license. They are working very hard, putting in place the structures. The regulatory structures are very stringent, I can assure you this is best practice,” he stated.

Non-interest banking, sometimes referred to as Islamic banking, operates without charging or paying interest. Instead, it relies on profit-and-loss sharing arrangements and asset-backed financing models. The system is designed to offer an alternative to conventional banking while still operating under strict financial regulations.

Dr. Asiama assured the public that the Bank of Ghana had put in place strong safeguards to ensure the sector operates safely and transparently.

“I have no fears at all. The necessary structures are being put to ensure that non-interest banking thrives,” he added.

The Governor also praised Professor John Gartchie Gatsi for leading efforts to establish governance systems and operational structures that will help build trust and confidence in the sector.

He noted that the Head of the Banking Supervision Division has also been directly involved in the process to ensure effective coordination between policy development and regulatory oversight.

Dr. Asiama explained that the introduction of non-interest banking comes at a time when Ghana’s economy is gradually stabilising despite global economic pressures and external shocks.

He said recent improvements in macroeconomic conditions have created a favourable environment for the introduction of innovative financial products without threatening the stability of the financial sector.

The Governor further stressed that the Bank of Ghana remains financially sound and capable of carrying out its regulatory responsibilities while supporting innovation within the banking industry.

Speaking to the Ghana News Agency after the MPC briefing, Professor Gatsi said non-interest banking could become an important source of funding for businesses, particularly small and medium-sized enterprises (SMEs).

“This will give individuals and businesses an alternative to conventional banking services without compromising on regulatory standards,” he said.

He encouraged entrepreneurs and businesses to take advantage of the opportunity to expand their operations, create jobs and contribute to economic growth.

Professor Gatsi explained that the profit-and-loss sharing model used in non-interest banking encourages greater financial discipline and shared responsibility between financial institutions and borrowers.

He also urged prospective operators to adopt strict credit assessment systems similar to venture capital financing models in order to protect the long-term sustainability of the sector.

“This will ensure that only entities with a genuinely high probability of success are able to access funding, while protecting the integrity and sustainability of the non-interest banking system from its inception,” he stated.

The planned launch of Ghana’s first non-interest banking institution is expected to deepen financial inclusion, broaden access to financing and provide more options for customers seeking alternatives to traditional banking services.