The official form of identification for all financial transactions in the country will be the Ghana Card beginning 1 July 2022, the Bank of Ghana (BoG) has announced.
Consequently, the central bank urged all regulated financial institutions to update customer records with the Ghana Card.
The directive, it said, was in line with section 30 of the Anti-Money Laundering Act, 2020 (Act 1044) and Regulation 12 of the Anti-Money Laundering Regulations, 2011 (L.I. 1987).
Aside from banks, relevant institutions, including specialised deposit-taking institutions, non-deposit-taking financial institutions, payment service providers, and dedicated electronic money issuers such as forex bureaus, and credit reference bureaus are to adhere to this directive.
The BoG explained in a statement issued on Wednesday, 19 January, that the National Identification Authority (NIA) verification transaction platform will be integrated into the Bank of Ghana’s financial monitoring platform.
“This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the identification of initiators/beneficiaries for track and trace purposes.”
Therefore, customers have been advised to update their records with their respective financial institutions with the Ghana Card in line with this notice.
“The public is to note that no other form of identification will be accepted for financial transactions in Bank of Ghana after the effective date stated above”, it stressed.
The government has been working to make the Ghana Card the core identification document in Ghana.
It is currently being used to register for government services like passports, as well as being merged with Social Security and National Insurance Trust (SSNIT) and Tax Identification Number (TIN) records.
It is also required for the re-registration of SIM cards in Ghana.
Below is the statement