The deadline for this exercise is June 2020. After the deadline, Ghanaian fintech and mobile money operators will not be able to operate in the country’s electronic payment space.
The Head of Payment Systems Department at the Bank of Ghana, Dr Settor Amediku, said the central bank is going on this tangent because consumer protection issues are now a big topic in the digital finance world.
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“Consumer protection issues have gained prominence in the digital financial service on account of [the] complexity of [the] digital ecosystem. For this reason, regulatory guidance is required for effective consumer protection.”
He made this remark at the 23rd National Banking Conference, which was organised by the Chartered Institute of Bankers.
A database called “Vizor” is also going to be introduced by the Bank of Ghana. The database is to bring an upgrade to the monitoring of real-time digital transactions of banks. The central bank is already discussing the database with banks in Ghana to facilitate its introduction, according to Dr Amediku.