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The Chartered Institute of Bankers (CIB) Ghana attracted over 400 participants from Ghana, Nigeria, and other African countries to its thought leadership webinar on non interest banking and finance held on Tuesday, November 4, 2025. The session explored the prospects of non interest banking as a pathway to ethical banking and inclusive growth in Ghana’s evolving financial landscape. The webinar, moderated by Robert Dzato, Chief Executive Officer of CIB Ghana, featured a distinguished panel of industry leaders, regulators, and financial practitioners. Panelists included Professor John Gatsi, Advisor to the Governor on Non Interest Banking and Finance at the Bank of Ghana (BoG), Dr. Shaibu Ali, Director General of the Islamic Finance Research Institute of Ghana, and Attahiru Maccido, Managing Director and Chief Executive Officer of One 17 Capital Limited in Nigeria. Others were Sina Kamagate, Executive Head of Retail Banking at GCB Bank PLC, and Kwame Abbey, Deputy Managing Director at Société Générale Ghana. Professor Gatsi reaffirmed the Bank of Ghana’s commitment to implementing non interest banking through a secular and neutral approach. The central bank plans to deploy this within a secular economy with rules ensuring market neutrality. Implementation will begin on a phased basis, initially excluding microfinance, rural, and community banks to allow for controlled management before expansion. The Bank of Ghana advisor revealed that two types of licenses will be introduced under the framework. A window license will allow conventional banks interested in offering non interest products to do so, while a full non interest banking license will be available for institutions operating exclusively under non interest principles. The draft guideline is currently undergoing internal validation at BoG and publication is expected by the end of 2025. Drawing from Nigeria’s experience, Maccido described Ghana’s measured approach as prudent and well timed. Nigeria’s non interest banking sector, anchored by institutions such as Jaiz Bank and TAJBank, faced early skepticism but has since demonstrated strong performance and resilience within a secular regulatory framework guided by strong governance and public education. Maccido explained that non interest finance models could help Ghana mobilize patient capital for long term sectors such as infrastructure, agriculture, and small business development. He emphasized that non interest banking represents not just an alternative form of finance but a tool for inclusive growth and financial stability. Dr. Ali emphasized that non interest banking transcends merely removing interest to redefine financial ethics. Every transaction must have an underlying asset, and speculative or unethical activities are strictly prohibited. Citing recent research, he observed that while 71 percent of Ghanaians are aware of non interest banking, fewer than 30 percent fully understand how it works, highlighting the need for capacity building and professional certification. From the commercial banking perspective, Kamagate pointed out that demand already exists for ethical and interest free products. GCB Bank has customers who decline interest payments on their accounts, demonstrating that offering non interest banking services will expand inclusion and cater to these customers’ values. Abbey highlighted six key opportunity areas including retail inclusion, small and medium enterprise (SME) and agricultural finance, infrastructure funding through Sukuk, ethical and environmental, social, and governance (ESG) linked finance, digital innovation, and capacity development. He stressed that non interest banking aligns closely with sustainable finance and could attract new investment flows into Ghana’s economy because it prohibits speculative activities and encourages real asset linkages. Dzato thanked participants and reiterated the Institute’s commitment to professional development and ethical banking standards. He announced that CIB Ghana will lead in developing capacity building programmes to deepen understanding of non interest banking among practitioners and regulators. A new certification programme on Non Interest Banking will be launched as part of the 2025 Bankers’ Week celebration. The event formed part of activities marking the 2025 Bankers’ Week Celebration, organized under the theme “Building Future Ready Banks: Ethical Leadership, Sustainable Finance and Currency Stability.” The Bank of Ghana will host its own capacity building programme on December 1, 2025, for banks, insurers, and capital market players, focusing on Sukuk structuring, non interest product development, licensing, and governance models. Globally, the non interest finance industry continues expanding. According to Standard Chartered, Islamic finance assets surpassed five trillion US dollars in 2024 and are projected to reach 7.5 trillion dollars by 2028. The global Sukuk market alone is expected to grow from 1.08 trillion dollars in 2024 to 1.295 trillion dollars in 2025, driven by rising investor appetite for ethical, asset backed financial instruments. The regulatory foundation for Ghana’s initiative draws from Act 930, the Banks and Specialised Deposit Taking Institutions Act of 2016, which already provides for key prudential standards including anti money laundering (AML) provisions, liquidity management, and sources of capital. Professor Gatsi confirmed these statutory provisions will remain fully applicable to non interest banks, ensuring consistency with the broader financial system.
