Financial technology companies (fintech) have become very important components of the financial ecosystem in Ghana. These companies have made payments easier and promoted the need for establishing a cashless society through the services they provide.
That notwithstanding, the activities of a few go against the rules of the regulator– the Bank of Ghana. For this reason, the Bank of Ghana will revoke the license of any financial technology company that fails to comply with regulatory requirements outlined in the new payment systems and services bill.
The fintechs are expected to be compliant at a time where electronic payment systems are increasing significantly.
This caution is also contained in the Bank of Ghana’s 2017 Payment systems report.
The Bank of Ghana explains that the decision to withdraw the licenses is necessary following the potential risks such fintechs may pose to the financial sector when left unregulated.
Currently, there are seventy-one (71) fintechs operating in Ghana.
According to the central bank, a fin tech may be deemed qualified to sustain its operations if it complies with three broad directives including; tech, security and controls, governance arrangements as well as principles of consumer protection.
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