The central bank has directed all financial institutions to only accept Ghana Cards for all transactions.
The Bank of Ghana (BoG) explained that this order takes effect from July 1, 2022.
This is pursuant to Regulation 7 of the National Identity Register, 2012 (L.I. 2111).
"...with effect from July 1, 2022, the Ghana Card shall be the only identification card that will be to undertake transactions at all Bank of Ghana licensed and regulated financial institutions...," a January 19 statement read.
Specific institutions to be affected include banks, Specialised Deposit-Taking Institutions, Non-Deposit-Taking Financial, Institutions, Payment Service Providers and Dedicated Electronic Money Issuers, Forex Bureaus and Credit Reference Bureaus.
The BoG further entreated all institutions concerned to ensure that their database is updated with their customers' Ghana card details.
The statement also said BoG is working to integrate the NIA's verification transaction platform into its monitoring systems for 'Know Your Customer' purposes.
"This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the identification of initiators/beneficiaries for track and trace purposes," portions of the release signed by BoG Secretary, Sandra Thompson read.
"This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the identification
of initiators/beneficiaries for track and trace purposes."
The BoG added that these "will include but not limited to transactions by: i. Banks; ii. Non-bank Financial Institutions; and iii. Mobile Money Operators (MMOs)."
Latest Stories
-
Guinness World Records: Nigerian woman paints nails for three days
3 mins -
Season 2 of ‘I’m in Love with Boma Ye’ returns this May on Joy Prime
5 mins -
Akufo-Addo’s disrespect of chiefs won’t be tolerated – Haruna Iddrisu
10 mins -
Chalobah and Jackson score as Chelsea defeat Tottenham
13 mins -
NPP praises Police, EC for successful Ejisu by-election
30 mins -
2024 Ramadan Cup: Bawumia donates 20,000 to four teams as Ashaiman lifts trophy
32 mins -
PMI Ghana Chapter members tour Kasoa BSP Project
32 mins -
Child Rights International pledges support for toddler mauled by dog
34 mins -
Cedi’s woes due to diminishing expectations of investors concern about Ghana’s competitiveness – Prof. Peprah
40 mins -
EIU optimistic Ghana’s debt-carrying capacity could easily improve in future
56 mins -
Access Bank Ghana Plc records commendable financial growth in quarter one, 2024
3 hours -
GFA DC charges Bashir Hayford over alleged misconduct in Bechem Utd game
3 hours -
MTN FA Cup: Dreams FC beat Soccer Intellectuals to make semis
4 hours -
Ayorkor Botchwey champions transformative investment, trade agenda
4 hours -
KNUST, University of Rwanda share experiences in implementation of Mastercard Foundation Scholars Program
5 hours