1. Paysafe study shows COVID-19 fueling online shift, payment preferences
  2. How the pandemic is solidifying contactless payments
  3. MoneyGram’s Walk-In Business Hit By Coronavirus As Digital Transactions Surge
  4. Visa says contactless use surged amid COVID-19
  5. MoMo Interoperability Grows by Over 350% in the first quarter of 2020
  6. Russia’s VTB Bank launches international card-to-card transfers
  7. Ghana Launches Africa’s First Universal QR-Code to Drive E-Payments
  8. IKEA Dubai to Allow Customers To Pay For Goods With Their Time
  9. Alibaba Extends $3B Loans to Coronavirus-Affected Firms
  10. ECG Prepaid Payments Goes Digital With Mobile App
  11. Ghanaians Urged to Embrace e-Payment as a lifestyle in 2020
  12. Africa’s Quiet Cashless Payments Revolution
  13. Ghana’s Payment System Is Challenged-Kweku Adoboli
  14. Dangers Of Large Currency Denomination Notes
  15. Bank of Ghana Introduces Higher-Denomination Banknotes and Coins
  16. Fintechs and MoMo Operators to Acquire License by June 2020-BoG
  17. GCB Bank To Issue Electronic Money
  18. Digitization Key to Formalizing Ghana’s Economy
  19. Google to Offer Checking Account
  20. Mobilemoney Interoperability Crosses GH¢90 billion
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  22. AirtelTigo Appoints New CEO
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  27. The Catholic Church Launches Digital Rosary
  28. Payments Systems and Services Bill Passed
  29. GTBank Launches Virtual Cards to Promote Online Shopping
  30. MTN Ghana: “More Taxes Would Injure The Mobile Money Sector
  31. PwC Unveils New Tool For Auditing Crypto Transactions
  32. Bitcoin on Track For Best Second Quarter Price Gain
  33. Mobile Money Operators to Face Minimum Capital Requirement-Bank of Ghana
  34. Facebook Moves Towards Payments and E-commerce
  35. BoG to Enforce Rules on Cash Declaration at Kotoka International Airport
  36. India Moves to Ban Cryptocurrencies
  37. Fintech: Redefining Payments in Africa
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Sunday, August 9, 2020
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  1. Paysafe study shows COVID-19 fueling online shift, payment preferences
  2. How the pandemic is solidifying contactless payments
  3. MoneyGram’s Walk-In Business Hit By Coronavirus As Digital Transactions Surge
  4. Visa says contactless use surged amid COVID-19
  5. MoMo Interoperability Grows by Over 350% in the first quarter of 2020
  6. Russia’s VTB Bank launches international card-to-card transfers
  7. Ghana Launches Africa’s First Universal QR-Code to Drive E-Payments
  8. IKEA Dubai to Allow Customers To Pay For Goods With Their Time
  9. Alibaba Extends $3B Loans to Coronavirus-Affected Firms
  10. ECG Prepaid Payments Goes Digital With Mobile App
  11. Ghanaians Urged to Embrace e-Payment as a lifestyle in 2020
  12. Africa’s Quiet Cashless Payments Revolution
  13. Ghana’s Payment System Is Challenged-Kweku Adoboli
  14. Dangers Of Large Currency Denomination Notes
  15. Bank of Ghana Introduces Higher-Denomination Banknotes and Coins
  16. Fintechs and MoMo Operators to Acquire License by June 2020-BoG
  17. GCB Bank To Issue Electronic Money
  18. Digitization Key to Formalizing Ghana’s Economy
  19. Google to Offer Checking Account
  20. Mobilemoney Interoperability Crosses GH¢90 billion
  21. Ghana to Launch a Universal QR-Code For Payments
  22. AirtelTigo Appoints New CEO
  23. Wirecard Acquires Chinese Payments Group for €109m
  24. Apple Pay Tops Mobile Payment Apps
  25. Verve Cards Launched in Ghana
  26. Ransomware Hits Billtrust
  27. The Catholic Church Launches Digital Rosary
  28. Payments Systems and Services Bill Passed
  29. GTBank Launches Virtual Cards to Promote Online Shopping
  30. MTN Ghana: “More Taxes Would Injure The Mobile Money Sector
  31. PwC Unveils New Tool For Auditing Crypto Transactions
  32. Bitcoin on Track For Best Second Quarter Price Gain
  33. Mobile Money Operators to Face Minimum Capital Requirement-Bank of Ghana
  34. Facebook Moves Towards Payments and E-commerce
  35. BoG to Enforce Rules on Cash Declaration at Kotoka International Airport
  36. India Moves to Ban Cryptocurrencies
  37. Fintech: Redefining Payments in Africa
  38. Ghana’s Tax Filing To Go Digital
  39. MTN Deepens Financial Inclusion For Women In Ghana
  40. Apple Launches a New Credit Card
  41. IT Consortium Is ISO 27001:2013 certified
  42. 8 Services You Don’t Know Exist On MTN Mobile Money
  43. Second phase of mobile money interoperability launched
  44. African Banks Must Work With Fintech Startups

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.”

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