Non-Bank Financial Institutions (NBFIs) continue to play an essential role in Ghana’s financial ecosystem by expanding access to credit, supporting SMEs, and enabling domestic financial inclusion. As the sector grows in scale and complexity, expectations regarding resilience, governance, and risk management have intensified. Regulators, boards, and shareholders are increasingly demanding stronger frameworks that can withstand market volatility, technology risks, and macroeconomic shocks. For NBFIs, 2026 represents a pivotal opportunity to reposition risk management as a core strategic capability rather than a compliance obligation.
A foundational challenge for many institutions is the lack of an integrated, enterprise-wide view of risk. While pockets of strong practice exist—particularly in credit underwriting and reporting—most NBFIs still operate with fragmented risk functions, limited data visibility, and inconsistent policy implementation. The result is reactive rather than proactive decision-making, leaving institutions vulnerable to sudden liquidity pressures, fraud exposures, and regulatory breaches. Strengthening governance and risk ownership at the board and executive levels is therefore a critical starting point. Boards must elevate the oversight of risk strategy, ensure effective risk committees, and demand consistent, decision-ready reporting.
Beyond governance, modern NBFIs must align their risk appetite with their business model, capital profile, and operational realities. This requires quantitative limits, forward-looking indicators, and scenario analysis that incorporates both economic and operational stress events. In today’s environment, where digital channels are proliferating and cyber exposures are rising, operational and technology risks deserve heightened attention. Establishing robust controls, incident management processes, and vendor risk oversight will be essential.
A third priority is data. Reliable data remains the lifeblood of effective risk management, yet many institutions continue to rely on manual processes and spreadsheets that hinder accuracy and timeliness. Investments in data governance, automation, and risk reporting tools will unlock significant value—not only improving risk oversight but enhancing portfolio analytics, pricing discipline, and customer insights.
Finally, risk culture will determine whether any framework is sustainable. Leaders must set clear expectations, incentivise responsible behaviour, and embed accountability across business units. Training and continuous capability building will play a decisive role in equipping teams to implement modern methodologies.
As Ghana’s financial sector evolves, NBFIs that elevate risk management to a strategic differentiator will be better positioned to compete, innovate, and scale sustainably. The institutions that invest in strong governance, robust analytics, and a forward-looking risk posture will define the next era of sector leadership.
