The rapid adoption of artificial intelligence (AI) and digital banking in Ghana calls for urgent regulatory frameworks to safeguard personal and national data, according to Ms Estelle Jacqueline Asare, Head of Digital Transformation at Stanbic Bank Ghana.
Speaking at the 2026 Data Protection Conference under the theme, “The Future of Trust: AI, Open Banking and Public Digital Infrastructure,” Ms Asare emphasized that Ghana must establish a solid legal and technological foundation before fully implementing open banking at scale.
“Open banking allows a customer’s financial information to be shared securely with a third party or between financial institutions, with the customer’s consent,” she explained, noting its potential to drive innovation, enhance financial inclusion, and improve customer experience.
However, Ms Asare warned that without robust governance structures, data sharing could become a major vulnerability. “Trust is the currency of digital transformation. We need clear protocols, cybersecurity standards, and regulatory oversight before innovation can safely thrive,” she said.
She commended the Bank of Ghana for initiating open banking pilots but stressed that Ghana’s unique financial ecosystem—dominated by mobile financial services—requires a tailored approach rather than copying international models.
Highlighting the broader risks of AI, Ms Asare urged institutions and individuals to remain vigilant. “Data is the new gold. Every interaction with AI feeds systems with personal and business information. We must ask: where is this data going, who has access, and what protection is in place?”
Advocating a phased approach, she said banks should innovate within defined guardrails to ensure both safety and efficiency. Once a strong domestic framework is established, Ghana could explore regional integration under the African Continental Free Trade Area (AfCFTA) for seamless cross-border financial data sharing.
Ms Asare concluded by commending the Data Protection Commission for raising awareness on AI, open banking, and consumer protection, stressing that digital convenience should never compromise security.
The call underscores the growing need for Ghana to balance technological innovation with stringent safeguards to protect citizens’ financial and personal information.
