FXKudi is a Ghanaian financial technology company on the mission to give Africans access to borderless money transfer, give payment freedom and power businesses across the continent. After launching in February 2020, they have successfully helped thousands of consumers send and receive money across borders. They launched other products like card issuance for consumers and …
The Bank of Ghana (BoG) is setting a number of targets that will boost financial inclusion in the short term. Among the set, targets are an Enhanced Credit Information Sharing System by 2022 and the development of an Agent Registry by 2021. Others are the launch and implementation of sustainable banking principles by 2022, as …
The Ghana Interbank Payments and Settlements Systems (GhIPPS) has directed financial institutions to end the fee waiver granted to customers who use the GhIPSS Instant Pay (GIP), Mobile Money Interoperability (MMI) and ACH Direct Credit to transact business. “Following a review of financial position, we have decided we are unable to sustain the fee waiver …
The Bank of Ghana (BoG) has established a new FinTech and Innovation Office to drive the Bank’s cash-lite, e-payments, and digitisation agenda. The emergence of FinTech solutions has introduced significant complexities that require the sector supervisor’s focus, to understand and supervise effectively. In a statement on Tuesday, the BoG said “The new FinTech and Innovation …
The Bank of Ghana says the deployment of Point of Sales terminals has not been universally adopted to drive electronic payments due to high set up and operational costs. This comes despite the number of mobile money transactions increasing seven-fold from about GHS266 million in 2015 to over GHS2 billion in 2019. Against this background, …
The Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS) has waived off charges on electronic payments services used by its partner financial service providers. This initiative is in collaboration with banks, fintechs and mobile money operators across the country. According to GhIPSS, the suspension of charges is in line with the measures outlined by the …
Registered mobile money accounts as at the end of February 2020 was 32.7 million. This was 0.30% growth over the January 2020 estimate of 32.6 million consumers. According to the Summary of Financial and Economic Data, active mobile money accounts was estimated at 14.7 million in February, 2020. This is an increase of 4% over …
The Institute of Internal Auditors Ghana has called on Bank of Ghana and Telecom operators to consider reducing charges on mobile money transactions by at least 50%. This they believe will help minimize the spread of Coronavirus. The use of physical cash according to health professionals can contribute to the spread of Covid-19. Chairman of …
The Ghana Interbank Payment and Settlement Systems (GhIPSS) has advised merchants- super markets, pharmacies, restaurants and hotels, to talk to their bankers to help them set up in order to provide the universal QR code payment services. The move would enable customers who patronise them to be able to make payments via the QR codes. …
The Bank of Ghana (BoG) has extended the deadline to meet the minimum capital requirements for Payment Service Providers to December 2020. This means the Mobile Money Operators have up to the end of the year to meet the new minimum capital requirement of GH¢20million other the initial June 2020 deadline. The Bank of Ghana …