BoG creates Fintech & Innovation office to deepen regulation of e-payment channels
The Bank of Ghana has established a new FinTech and Innovation Office to drive its cash-lite, e-payments and digitization agenda.
According to the central bank, the emergence of FinTech solutions has introduced significant complexities that require it to focus, understand and supervise effectively.
Among the role of the new FinTech and Innovation Office will be the licensing and oversight of dedicated electronic money issuers such as mobile money operators, payment service providers (PSPs), and closed loop payment products.
In addition, the office is to have oversight over the payment support solutions and other emerging forms of payment delivered by non-bank entities.
The office will also develop policies to promote FinTech, innovation and interoperability in Ghana.
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, 2019 (987Act).
The Act was passed in March 2019, to ensure effective monitoring and regulation of digital transactions following an increase in such services.
Use of electronic payment channels sees 81% growth in 2020 1st quarter – GhIPSS
The volume of transactions done electronically through the Ghana Interbank Payment and Settlement Systems (GhIPSS) platform has increased by 81 percent in the first quarter of this year compared to the same period last year.
This is according to figures from the Ghana Interbank Payment and Settlement Systems (GhIPSS).
The latest figure shows that the total volume of transactions spanning January to March 2020, stood at over 13 million cedis compared to about 7.2 million transactions in the same period of 2019.
A statement released by the Chief Executive of Ghana Interbank Payment and Settlement Systems (GhIPSS), Archie Hesse, described the growth as a very important indication of how people are gradually embracing electronic payments.