The Bank of Ghana has issued guidelines for domestic processing of payment card transactions with payment cards in the country.

This is pursuant to Section 4(e) of the Bank of Ghana Act, 2002 (Act 612) as amended and Section 101(2) of the Payment Systems and Services Act, 2019 (Act 987) to regulate the processing of payment card transactions in Ghana.

The objectives of the guidelines are to provide a framework for the licensing and regulation of payment cards processing, provide an enabling environment for payment card processing and usage in Ghana.

These guidelines cover the domestic processing of payment card transactions with payment cards issued in Ghana and licensing of card processing entities.

It applies to International Card Schemes, Enhanced Payment Service Providers (EPSP), among others.

International Card Schemes

For the purpose of domestic processing of payment card transactions, international card Schemes shall either incorporate a Ghanaian entity and obtain an Enhanced Payment Service Provider license or partner with any other entity designated by the Bank of Ghana as a payment system.

EPSP or Designated Payment System

The Central Bank said an EPSP or a PSP Scheme or a Designated Payment System which intends to process domestic payment cards transactions in partnership with an International Card Scheme shall submit to the Bank of Ghana a partnership agreement between the International Card Scheme and the EPSP, PSP Scheme or Designated Payment System; a Service Level Agreement between the International Card Scheme and the EPSP, PSP Scheme or Designated Payment System; Pricing; among others.

Pricing

Pricing Fees, charges and commissions for processing domestic payment card transactions, the regulator said, shall be quoted in Ghana cedis and paid for in the local currency only.

The Bank of Ghana said it is committed to promoting efficient payment ecosystem through the promotion of electronic modes of payments as alternatives to cash payments.

The payment cards, it added, are a tangible, convenient, flexible and secure alternative to cash.