Stanbic Bank Calls for Strong Data Safeguards in the Age of AI and Open Banking

Speaking at the Data Protection Conference 2026, where she joined a panel of industry leaders to deliberate on the theme, “The Future of Trust: AI, Open Banking and Public Digital Infrastructure,” Madam Asare said Ghana must lay a firm national regulatory and technological foundation before fully embracing open banking at scale across the continent.

She explained that open banking, though widely discussed, is still not clearly understood by many outside the financial sector.

“Open banking is essentially a regulated framework that allows a customer’s financial information to be shared securely between a bank and a third party, or between financial institutions, with the customer’s consent. The operative words here are: ‘regulated and with consent.” Without a strong governance structure, data sharing can quickly become a vulnerability rather than an opportunity,” she said.

According to her, trust remains the currency of digital transformation. While open banking has the potential to unlock innovation, enhance financial inclusion and improve customer experience, it must be anchored on robust security frameworks and clearly defined protocols.

“In Ghana, we must first establish a solid Open banking foundation,” Ms. Asare noted. “This means defining the legal and security frameworks for sharing customer financial data, identifying the right API standards, and ensuring that all participating institutions meet minimum cybersecurity requirements. Once that groundwork is done, innovation can thrive safely.”

She acknowledged the role of the Bank of Ghana in initiating steps toward an open banking regime, noting that some banks are already participating in pilot programs. However, she stressed that Ghana’s unique financial ecosystem requires a tailored approach.

“Our financial environment is different. Mobile financial services are deeply embedded in our daily lives. Any open banking framework must take into account this local context to ensure inclusivity. We cannot simply replicate models from Europe or elsewhere without adapting them to Ghana’s realities,” she said.

Beyond regulation, Ms. Asare drew attention to the broader risks associated with the rapid adoption of AI tools. In an era where data has become a prized asset, she warned that individuals and institutions must be vigilant. “Data is the new gold. And just like gold, there are illegal miners. If we are not careful, we will wake up to find that our most valuable resource, that is, our personal and national data, has been exploited.”

She cautioned that the growing use of AI platforms requires heightened consumer awareness, particularly regarding the information individuals upload and share online. “Every time we interact with AI systems, we feed them data – about ourselves, our companies, and sometimes even our families,” she explained. “We must pause and ask: where is this information going? Who has access to it? What protections are in place? Digital convenience should not come at the expense of security.”

Ms. Asare further advocated a phased approach to open banking. Core transactional and financial data exchanges, she suggested, should fall under strict regulatory oversight. At the same time, financial institutions should have the flexibility to innovate around customer-facing products and services within defined guardrails.

She further indicated that once Ghana establishes a strong domestic open banking framework, it could explore broader integration under the African Continental Free Trade Area (AfCFTA), enabling seamless financial data interoperability across borders. “But we must get our house in order first. When our foundation is strong, we can confidently engage at the continental and global levels.” She expressed appreciation to the Data Protection Commission for championing the awareness of these new technologies and the need for consumer protection as institutions continue to leverage these to innovate and delight their end customers.

Picture:  Estelle Jacqueline Asare  - Head, Digital Transformation , Stanbic Bank Ghana.