In a move towards diversifying Ghana's financial sector, the Chartered Institute of Bankers (CIB) Ghana has convened a webinar exploring the potential of non-interest banking, drawing over 400 participants from across Africa.
The virtual event, titled ‘Non-Interest Banking and Finance: A Pathway to Ethical Banking and Inclusive Growth’, served as a platform for regulators, industry leaders, and practitioners to chart a cautious yet deliberate course for this alternative financial model.
Professor John Gatsi used the session to outline the regulator's measured, secular strategy. He confirmed that the central bank will implement non-interest banking on a phased basis, initially excluding microfinance, rural, and community banks to maintain control.
“We are deploying this within a secular economy, and therefore there are rules to ensure that the market remains neutral,” Prof. Gatsi stated. He revealed plans for two distinct licences: a window licence for conventional banks to offer specific products and a full licence for dedicated non-interest banks.
The Ghanaian initiative received a strong endorsement from Nigeria, where non-interest banking is already established. Mr. Attahiru M. Maccido, Managing Director and CEO of Nigeria's One 17 Capital Ltd, described Ghana's approach as "prudent and well-timed." He shared that despite early scepticism, Nigerian institutions like Jaiz Bank and TAJBank have demonstrated the model's resilience.
“Nigeria’s experience shows that non-interest banking can thrive within a secular regulatory framework when guided by strong governance and public education,” Mr. Maccido explained, adding that it could mobilise "patient capital" for infrastructure and agriculture.
A key theme of the dialogue was the need for public education. Dr. Shaibu Ali, Director-General of the Islamic Finance Research Institute of Ghana, clarified that the system is rooted in ethical principles beyond the absence of interest. “Every transaction must have an underlying asset, and speculative or unethical activities are strictly prohibited,” he said. However, he cited research indicating that while 71% of Ghanaians are aware of non-interest banking, fewer than 30% understand its mechanics.
Commercial bankers on the panel highlighted existing demand and strategic opportunities. Mr. Sina-Kamagate, Executive Head of Retail Banking at GCB Bank PLC, noted, “We have customers who decline interest payments on their accounts. Offering non-interest banking services will expand inclusion and cater to these customers’ values.” His counterpart, Mr. Kwame Abbey, Deputy Managing Director of Société Générale Ghana, listed six opportunity areas, including SME finance and infrastructure funding, stressing its alignment with global ESG (Environmental, Social, and Governance) priorities. “Non-interest finance prohibits speculative activities and encourages real-asset linkages, which fit perfectly with global ESG priorities,” Mr. Abbey noted.
Concluding the session, the Chief Executive Officer of CIB Ghana, Mr. Robert Dzato, announced a concrete step towards building professional capacity. “We are pleased to announce that a new certification programme on Non-Interest Banking will be launched as part of our 2025 Bankers’ Week celebration,” he stated, reinforcing the Institute's commitment to shaping an ethically grounded and inclusive financial future for Ghana.