Telecom Chamber gives February 1 ultimatum to Electronic Money Issuers to link accounts with Ghana Card

In a decisive move aimed at bolstering financial regulation and compliance, the Ghana Chamber of Telecommunications has issued a stringent directive to Electronic Money Issuers (EMIs) nationwide. The directive, effective until the close of business on Wednesday, January 31, 2024, mandates the linking of EMI accounts with either the Ghana Card or Tax Identification Number (TIN).

Under the purview of this directive, failure to comply will trigger the blocking of SIM cards associated with the non-compliant accounts. The Chamber’s directive underscores a concerted effort to streamline financial operations and enhance regulatory oversight within Ghana’s burgeoning mobile financial services sector.

This regulatory push follows extensive deliberations with the Ghana Revenue Authority (GRA), signaling a collaborative endeavor to fortify fiscal compliance standards across the nation’s financial landscape.

With the deadline looming, the Chamber has left no stone unturned in disseminating crucial information to affected parties, ensuring that agents are well-apprised of the impending requirements and their consequential obligations.

“All agent accounts without Ghana Cards will be blocked on the 1st of February 2024,” said the Chamber in its statement.

In the eventuality of account suspension on February 1, 2024, affected agents are advised to seek recourse by visiting designated operator outlets with their Ghana Card or TIN, to facilitate the requisite account linkage process.

Amidst these regulatory imperatives, the Ghana Chamber of Telecommunications reaffirms its steadfast dedication to promoting financial inclusion and economic prosperity. Emphasizing the pivotal role of mobile financial services in driving accessibility and security, the Chamber underscores its pledge to delivering seamless and equitable financial solutions to the Ghanaian populace.

As the deadline approaches, stakeholders in Ghana’s financial ecosystem are urged to heed the Chamber’s call to action, ensuring proactive adherence to regulatory mandates and safeguarding the integrity of the nation’s financial infrastructure.

Source:norvanreports