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BoG sets up new digital payment supervision, licensing office

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Financial Expert reacts to BOG’s decision to phase out GH₵1 and GH₵2 notes

Financial Expert reacts to BOG’s decision to phase out GH₵1 and GH₵2 notes

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The Central bank has announced the establishment of a new FinTech and Innovation Office to drive the Bank’s cash-lite, e-payments, and digitisation agenda. 

The regulatory body said the emergence of FinTech solutions has introduced significant complexities that require the sector supervisor’s focus, to understand and supervise effectively.

READ MORE: List of 39 MPs who never spoke in Parliament in 2019

The setting up of this new FinTech and Innovation Office, according to the Bank of Ghana, will among others be responsible for licensing and oversight of dedicated electronic money issuers, that is mobile money operators, and payment service providers (PSPs).

It will also perform the same responsibility for closed-loop payment products, payment support solutions and other emerging forms of payment delivered by non-bank entities. 

READ MORE: The Ghana Armed Forces has been pivotal to the progress of the Infectious Disease and Isolation Centre – Senyo Hosi

A communication from the BoG to announce the latest development added that “the office will also develop policies to promote FinTech, innovation and interoperability in Ghana.”

Source: thebnft

Tags: BOG governor

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