Acquire license by June 2020 – BOG to fintechs, MoMo operators
The Bank of Ghana has directed all companies engaged in digital or online transactions including Mobile Money Operators and fintechs to acquire licenses by June 2020.
The move is to enable them to operate in the electronic payment space.
This is part of the requirements in the Payment Systems and Service, 2019 (987 Act).
The Act which was passed in March this year is expected to ensure effective monitoring and regulation of digital transactions.
Data from the Central Bank reveals that while mobile money accounts have increased to 32 million, bank accounts now stand at 12 million with several of these accounts inactive.
Head of Payment Systems Department at the Bank of Ghana, Dr. Settor Amediku at the 23rd National Banking Conference organized by the Chartered Institute of Bankers said “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”.
The Bank of Ghana has, therefore, introduced a database called the Visor to step up its monitoring of digital transactions.
The database will the BOG monitor real-time electronic transactions of banks.
Dr. Amediku says the Central Bank is 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.”