The recent collapse of some banks and financial institution and the merger of others in Ghana is a proof that the financial system which consist of institutional units and markets that interact, typically in a complex manner, for the purpose of mobilizing funds for investment and providing facilities , including payment systems , for the financing of commercial activity remains unprotected in spite of the presence of the regulator and a solid legal system backing it .Examine some of the difficulties associated with the financial system and how these challenges have been addressed by the banks and specialized deposit taking institutions act 2016(act 930).Are there any novel ways by which some of the challenges may be resolved in your opinion.