{
  "id": 1732349,
  "title": "Non-interest banking products must meet required standards – BoG Governor to NIFAC",
  "url": "https://urgent.news/2026/08/18/non-interest-banking-products-must-meet-required-standards-bog",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-18T14:33:58.000Z",
  "source": {
    "name": "Joy Business",
    "slug": "joy-business",
    "url": "https://www.myjoyonline.com/non-interest-banking-products-must-meet-required-standards-bog-governor-to-nifac/"
  },
  "original_language": "en",
  "account": "Dr Johnson Asiama, Governor of the Bank of Ghana (BoG), has emphasized the importance of non-interest banking products meeting strict standards of transparency, soundness, and consumer protection. At the inauguration of the Non-Interest Financial Advisory Council (NIFAC), Dr Asiama warned against accepting such products solely because they are labeled \"non-interest,\" stressing the need for thorough evaluation of their structure, risks, costs, and obligations. He clarified that non-interest finance is not free finance but operates through various mechanisms like trade, leasing, partnerships, and asset-backed transactions. Dr Asiama believes that the development of non-interest finance can enhance financial inclusion by offering products that cater to diverse needs and values while preserving financial stability. The inauguration of NIFAC is part of the Bank of Ghana's efforts to establish a robust governance and supervisory framework for the sector. The council, chaired by Prof. Bashir Aliyu Umar, will advise the Bank of Ghana on various aspects of regulating and supervising non-interest banking institutions in Ghana. It will also support the Securities and Exchange Commission and the National Insurance Commission as the non-interest finance sector evolves. While Ghana already has legal provisions for non-interest banking, Dr Asiama stressed that legislation alone is insufficient for a functioning market. The Bank of Ghana established a dedicated team in 2026 to create the necessary regulatory and supervisory framework, resulting in the publication of guidelines for non-interest banking's regulation and supervision. Dr Asiama highlighted the growing interest from financial institutions and the public, which made the creation of NIFAC essential for the sector's orderly growth. He urged NIFAC members to perform their duties with independence, objectivity, professionalism, and diligence, emphasizing that the initiative's success will be measured by the soundness, usefulness, and public confidence in the products introduced, rather than the number of new products.",
  "summary": "The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has cautioned against the introduction of non-interest banking products that do not meet the required standards of transparency, soundness and consumer protection. Speaking at the inauguration of the Non-Interest Financial Advisory Council (NIFAC), Dr Asiama said products should not be accepted simply because they […]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "Non-interest banking products must meet required standards – BoG Governor to NIFAC",
        "url": "https://urgent.news/2026/08/18/non-interest-banking-products-must-meet-required-standards-bog-1735930",
        "published": "2026-08-18T14:33:58.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}