Regulatory Alerts2024-12-20
Draft Open Banking Directive for Regulated Financial Institutions
The Bank of Ghana has issued a mandatory directive requiring all regulated financial institutions to securely share customer-consented data through standardized APIs over its designated OpenDX platform. The framework establishes OpenDX as the governing legal entity responsible for API standardization and consent management, while mandating explicit, revocable customer authorization alongside strict cybersecurity and data privacy compliance. Applicable to banks, payment service providers, and micro-finance entities, the directive outlines clear data sharing protocols, party responsibilities, and enforcement mechanisms including sanctions for non-compliance to foster financial inclusion and market competition.
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