The Bank of Ghana has directed all banks to review their pricing models and ensure that customer charges reflect ethical and commercially defensible standards.
This directive comes against the backdrop of reports that some banks continue to apply interest charges to inactive credit accounts, resulting in cases where the accrued interest exceeds the original amount in the account.
The directive, effective immediately, was issued by Dr. Johnson Asiamah, Governor, during the central bank’s engagement with the Chief Executive Officers of banks.
The Governor noted a growing trend in the application of Optional Issuer Fees (OIFs) on cross-currency card transactions.
Although the central bank recognises that these fees may reflect real costs, face opaque pricing and limited disclosure, thus eroding consumer trust and the integrity of payment systems.
The Governor announced that the central bank will cap Optional Issuer Fees on cross-currency card transactions at 2 per cent.
Furthermore, it will require the mandatory disclosure of all applicable OIFs to customers before a transaction is completed.
