Bank of Ghana committed to the FinTech agenda – Addison

Governor of the Bank of Ghana (BoG) Dr Ernest Addison has assured the general public that the central bank is committed to the FinTech agenda and has demonstrated it through the conducive regulatory environment created for FinTechs to thrive.

He stated that the Guidelines for Inward Remittance by Payment Service Providers have permitted FinTechs to facilitate inward remittance nationwide in a cost-effective and efficient manner.

Similarly, he said, the New Merchant Account Categories Notice is encouraging payment solutions targeted at MSMEs.

In addition, the Regulatory Sandbox of Bank of Ghana provides a congenial environment for the experimentation of products, solutions, and business models that have the potential of scaling up financial inclusion, Dr Addison added.

“FinTechs are encouraged to avail themselves of the cohort announcement to pilot their innovations,” he said in his remarks at the Ghana Fintech Awards 2022 on Monday, January 30.

“Besides these measures, the Bank is keen on the issuance of a digital version of the Ghanaian cedi, and it is currently analysing the pilot data to map up strategy for the next steps of the eCedi project.

“This is part of the Bank’s agenda to promote innovative and affordable digital financial services as a means of expanding financial inclusion and encouraging the use of digital payment as an alternative to cash.

“In addition, the eCedi is designed to enhance operational efficiency and cost-effectiveness in payments, and provide a safe, secure, and trustworthy alternative to privately issued digital currencies,” he added.

The Bank of Ghana will continue to work with FinTechs to ensure that financial services are provided to all Ghanaians, regardless of their income or location by encouraging and providing a conducive regulatory environment, Dr Addison further assured.

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By Laud Nartey||Ghana


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