The Bank of Ghana has given companies engaged in online or digital transactions including Mobile Money Operators and fintechs, up to June 2020 to acquire their licenses to enable them to operate in the electronic payment space.
The directive is under the Payment Systems and Services, 2019 (987Act).
The Act was passed in March this year, to ensure effective monitoring and regulation of digital transactions following an increase in such services.
Speaking at the 23rd National Banking Conference organized by the Chartered Institute of Bankers, the Head of Payment Systems Department at the Bank of Ghana, Dr. Settor Amediku, said: “Consumer protection issues have gained prominence in the digital financial service on account of the complexity of the digital ecosystem. For this reason, regulatory guidance is required for effective consumer protection.”
He explained that the move will help the central bank to monitor real-time all electronic transactions of banks.
He said the BoG was already in talks with the banks to facilitate the introduction of the database.
Source: Rashid Obodai Provencal||rainbowradioonline.com