Ghana's financial regulators are currently in Malaysia for a five-day training programme aimed at deepening the country's non-interest banking sector, and the lessons are going dig
The report indicates that ghana’s financial regulators are currently in Malaysia for a five-day training programme aimed at deepening the country’s non-interest banking sector.
It further notes that the delegation, which includes top officials from the Bank of Ghana (BoG), the Securities and Exchange Commission (SEC) and the National Insurance Commission (NIC), is being hosted by the Islamic Finance Research Institute of Ghana (IFRIG) in Kuala Lumpur.
The mission is to study Malaysia’s success story in non-interest banking, insurance, and capital markets and bring those lessons back home.
But on day three of the training, the focus shifted to something increasingly critical for Ghana’s financial future: Fintech.
Fintech—short for financial technology—refers to the use of software, apps, and algorithms to deliver financial services faster, cheaper, and more conveniently. Think mobile money, digital loans, and online insurance.
For a country like Ghana, where mobile money usage is already widespread, Fintech represents the next step in making banking accessible to everyone—including the millions still unbanked.
Prof. Dr. Auwal Adam Sa’ad, a lecturer at the International Islamic University of Malaysia and an expert in Islamic Fintech, encouraged the regulators to embrace digital finance.
“Fintech has what it takes to let markets prosper, to help African markets grow faster,” he said.
He added that training sessions like this are important because they help policymakers understand and accept new technologies.
Norfadelizan Abdul Rahman, a senior Islamic finance consultant, also spoke to the delegation—but his message was about people, not just technology.
“The customer service is what I think banks in West Africa lack,” he said. “A better customer service goes a long way to help.”
His point was simple: even the best digital tools won’t work if customers are not treated well.
Malaysia is widely recognised as a global leader in Non-Interest finance. The country has built a strong regulatory framework, a skilled workforce, and a thriving ecosystem for both traditional and digital Non-Interest banking.
For Ghana, which is working to deepen its own non-interest banking sector, Malaysia offers a proven model to learn from.
