Over 400 Attendees Join CIB Ghana Webinar on Non-Interest Banking: Ethical Finance and Inclusive Growth in Ghana
Introduction
The Chartered Institute of Bankers (CIB) Ghana recently hosted a highly anticipated webinar titled Non-Interest Banking and Finance: A Pathway to Ethical Banking and Inclusive Growth. This event, part of the 2025 Bankers’ Week Celebration under the theme “Building Future-Ready Banks: Ethical Leadership, Sustainable Finance and Currency Stability,” attracted over 400 participants from Ghana, Nigeria, and other African countries. Held on November 4, 2025, and moderated by Mr. Robert Dzato, CEO of CIB Ghana, the webinar brought together regulators, industry leaders, and finance practitioners to discuss the rise of non-interest banking in Ghana.
Non-interest banking, often aligned with Islamic finance principles, avoids interest (riba) and emphasizes asset-backed transactions, profit-sharing, and ethical practices. This webinar highlighted its potential to drive ethical banking Ghana and financial inclusion, addressing a growing demand for Sharia-compliant products in a secular economy. With Bank of Ghana’s regulatory framework taking shape, the event underscored timely opportunities for banks, SMEs, and infrastructure funding.
Why This Webinar Matters for Non-Interest Banking Enthusiasts
Attendees gained insights into licensing, market readiness, and capacity building, making it a pivotal discussion for professionals eyeing Islamic finance Ghana expansion. The overwhelming registration signals strong interest in sustainable, interest-free financial models.
Analysis
The webinar featured expert panelists who dissected the regulatory, practical, and ethical dimensions of non-interest banking Ghana. Moderated by CIB Ghana’s CEO, the discussion revealed a strategic, phased approach by the Bank of Ghana, lessons from Nigeria’s market, and alignment with global ESG (Environmental, Social, and Governance) standards.
Bank of Ghana’s Phased Rollout Strategy
Prof. John Gatsi, Advisor to the Governor on Non-Interest Banking and Finance at the Bank of Ghana, outlined a controlled introduction. The central bank commits to a neutral framework in Ghana’s secular economy, starting with larger institutions while excluding microfinance, rural, and community banks initially. This “start well, control, and manage” philosophy ensures stability before broader scaling.
Two license types were detailed: a “window license” for conventional banks offering non-interest products alongside traditional services, and a full non-interest banking license for dedicated institutions. This structure balances innovation with risk management.
Insights from Nigeria’s Non-Interest Banking Market
Mr. Attahiru M. Maccido, Managing Director/CEO of One 17 Capital Ltd in Nigeria, praised Ghana’s cautious approach. Nigeria’s pioneers like Jaiz Bank and TAJBank overcame initial doubts through robust governance, transparency, and education on risk-sharing principles. He emphasized non-interest banking’s role in mobilizing patient capital for infrastructure, agriculture, and SMEs, promoting financial stability.
Ethical Foundations and Awareness Gaps
Dr. Shaibu Ali, Director-General of the Islamic Finance Research Institute of Ghana, clarified that non-interest banking transcends interest avoidance. It mandates underlying assets for every transaction, bans speculation, and upholds ethics. Recent studies show 71% of Ghanaians aware of it, but under 30% understand its mechanics, stressing the need for training.
Bankers’ Perspectives on Opportunities
Mr. Sina-Kamagate, Executive Head of Retail Banking at GCB Bank PLC, noted existing customer demand for interest-free options, enhancing inclusion. Mr. Kwame Abbey, Deputy Managing Director at Société Générale Ghana, identified six opportunities: retail inclusion, SME/agricultural finance, Sukuk for infrastructure, ESG-aligned funding, digital ecosystems, and capacity building. Non-interest models prohibit speculation, favoring real assets and sustainability.
Summary
In summary, the CIB Ghana webinar illuminated non-interest banking and finance as a viable path for ethical, inclusive growth in Ghana. Key takeaways include the Bank of Ghana’s dual-license system, Nigeria’s proven resilience, ethical transaction requirements, and bankers’ optimism for ESG integration. CIB Ghana pledged leadership via a new certification program during 2025 Bankers’ Week, positioning the sector for professional excellence.
This event, with over 400 sign-ups, reflects surging interest in alternatives to conventional interest-based systems, fostering a more equitable financial landscape across Africa.
Key Points
- Over 400 participants from Ghana, Nigeria, and Africa joined the CIB Ghana webinar on November 4, 2025.
- Bank of Ghana plans phased rollout with window and full non-interest banking licenses.
- Nigeria’s Jaiz Bank and TAJBank demonstrate success through governance and education.
- Non-interest banking requires asset-backed deals, prohibits speculation, and aligns with ESG.
- 71% awareness in Ghana, but <30% full understanding, per research.
- CIB Ghana launches Non-Interest Banking certification in 2025 Bankers’ Week.
- Opportunities in retail, SMEs, agriculture, Sukuk, digital finance, and capacity building.
Practical Advice
For banks and practitioners entering non-interest banking Ghana, the webinar offers actionable steps rooted in panel insights.
Building Capacity and Customer Education
Prioritize professional certification, as announced by CIB Ghana. Educate staff and clients on profit-sharing (Mudarabah), partnerships (Musharakah), and leasing (Ijarah). Dr. Ali’s data underscores awareness campaigns to bridge the knowledge gap.
Product Development Strategies
Start with window services for low-risk entry, per Prof. Gatsi. Develop SME financing via risk-sharing and infrastructure Sukuk bonds, as suggested by Mr. Abbey. Leverage digital platforms for scalable, ethical products.
Governance and Compliance
Adopt Sharia boards for oversight, ensure transparency, and align with Bank of Ghana rules. Mr. Maccido advises public education to build trust, mirroring Nigeria’s path.
Points of Caution
While promising, ethical banking Ghana via non-interest models requires vigilance.
Phased Implementation Risks
The Bank of Ghana’s exclusion of smaller banks initially prevents overload but demands patience. Rushing could destabilize markets, as early Nigerian skepticism showed.
Awareness and Ethical Compliance
Low comprehension (under 30%) risks misuse. Transactions must avoid unethical practices; non-compliance erodes credibility.
Market Neutrality in Secular Context
Prof. Gatsi stressed neutrality—non-interest banking must not favor any group, maintaining economic balance.
Comparison
Comparing Ghana and Nigeria highlights strategic differences in non-interest banking adoption.
Ghana vs. Nigeria: Regulatory Approaches
| Aspect | Ghana | Nigeria |
|---|---|---|
| Rollout | Phased, starting with major banks; window/full licenses | Earlier full licenses; overcame skepticism via pioneers like Jaiz Bank |
| Framework | Secular neutrality emphasized | Secular with strong governance; resilient performance |
| Lessons | Learns from Nigeria’s education focus | Proves viability for infrastructure/SME funding |
Ghana’s measured pace contrasts Nigeria’s bolder start, offering prudence informed by regional experience.
Legal Implications
The Bank of Ghana’s guidelines carry direct legal weight for non-interest banking license applicants. Institutions must secure approval for window or full operations, complying with phased rules excluding microfinance initially. Violations risk penalties under banking laws. CIB Ghana’s certification aids compliance but is not a substitute for regulatory licenses. Neutrality ensures no religious bias, aligning with Ghana’s secular constitution. Practitioners should consult Bank of Ghana directives for precise requirements.
Conclusion
The CIB Ghana webinar marks a milestone in advancing non-interest banking and finance as a cornerstone of ethical, inclusive growth. With regulatory backing, proven models from Nigeria, and CIB’s capacity initiatives, Ghana is poised to integrate these principles into its financial system. This fosters sustainable finance, SME empowerment, and ESG alignment, benefiting a diverse populace. As Mr. Dzato affirmed, CIB Ghana will lead thought leadership, ensuring professionals are equipped for this evolution.
Stakeholders should engage upcoming programs to capitalize on this pathway to a resilient, future-ready banking sector.
FAQ
What is non-interest banking in Ghana?
Non-interest banking in Ghana refers to Sharia-compliant finance avoiding interest, using asset-backed, profit-sharing models under Bank of Ghana regulation.
How many people attended the CIB Ghana webinar?
Over 400 individuals from Ghana, Nigeria, and Africa registered for the November 4, 2025, event.
What licenses does Bank of Ghana offer for non-interest banking?
Window licenses for conventional banks and full licenses for dedicated non-interest institutions, introduced phased.
Will CIB Ghana offer training on this topic?
Yes, a new Non-Interest Banking certification launches during 2025 Bankers’ Week.
Is non-interest banking only for Muslims?
No, it’s ethically driven and open to all in Ghana’s secular market, promoting inclusion.
What are the benefits for SMEs?
Risk-sharing finance supports agriculture and business without interest burdens.
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