The Bank of Ghana has said companies engaged in online or digital transactions including Mobile Money Operators and Fintechs, have up to June 2020 to acquire their licenses to enable them operate in the electronic payment space.
The acquisition of the license by these companies is one of the requirements in the Payment Systems and Services Act, 2019 (987Act). The Act was passed in March this year, to ensure effective monitoring and regulation of players in the digital financial services space.
Statistics from the Bank of Ghana shows that while mobile money accounts have increased to 32 million, Bank accounts currently stand at 12 million with a lot of them being inactive.
“Consumer protection issues have gained prominence in the digital financial service on account of complexity of digital ecosystem. For this reason, regulatory guidance is required for effective consumer protection,” Head of Payment Systems Department at the Bank of Ghana, Dr. Settor Amediku, said at the 23rd National Banking Conference organized by the Chartered Institute of Bankers.
The Bank of Ghana has therefore stepped up the monitoring of digital transactions with the introduction of a database called the Vizor. The Vizor will enable the BoG monitor real time all electronic transactions of banks.
Dr. Amediku says they are already in talks with the banks to facilitate the introduction of the database. “Vizor will provide end-to-end solution which permits the bank to collect, process, store as well as report on macro and micro prudential data, statistical data or any other data required as part of the supervisory process.”