The Bank of Ghana
is working on establishing a sandbox to promote innovation in the
financial market and also test some concepts including the establishment
of a Central Bank Digital Currency.
First Deputy Governor, Dr Maxwell Opoku-Afari, who was speaking at a
Virtual Stakeholder Workshop on Payment Systems and Service Act in
Accra, said there had been phenomenal transformation as a result of
growing adoption of digital technology over the past decade.
He said individuals, businesses and government had shown strong
preference for digital payments for reasons of convenience, efficiency,
speed, affordability, round the clock availability and robust audit
trail.
Besides the evolving consumer preferences, digital innovations had a
proven capability for tackling the nagging financial exclusion problems
as evidenced by the tremendous success of mobile money in Ghana, Dr
Opoku-Afari said.
The BoG, through its subsidiary; the Ghana Interbank Payment and
Settlement Systems (GhIPSS), has facilitated the implementation of a
portfolio of modern and robust interbank payments systems.
Such systems include e-Zwich, GIP, ACH, GH-Link and Mobile Money
Interoperability and the establishment of the foundation for nationwide
digital delivery of financial services.
“The role of Fintechs in innovating these infrastructures to meet
various needs of society is paramount. We look forward to seeing deep
collaboration between GhIPSS and Fintechs (Payment Service Providers) to
harness the potential of these systems for the benefits of society,” Dr
Opoku-Afari said.
“Hopefully, you have heard recent announcements of licence application
approvals for some Payment Service Providers. We will continue to work
with you to ensure that you are taken through the licencing process to
enable you to deliver value to consumers and the broader financial
sector.”
Act 987 is a product of active collaboration between the Bank of Ghana
and public and private sector stakeholders including the Ministry of
Finance, Attorney General’s Department, National Communications
Authority, Ghana Association of Bankers, Telecoms Chamber, FinTech
Chamber and development partners.
Bank of Ghana to promote innovation in financial market
