The Bank of Ghana may impose on banks or Specialized Deposit-Taking Institutions, an administrative sanction of not more than 10,000 penalty units for breach of new guidelines on digital financial services.
In the case of continuous breach, an additional penalty of not more 50 penalty units shall be imposed for each day the breach continues.
This is in accordance with section 92 of Act 930.
Again, in accordance with section 44 of the Non-Bank Financial Institutions Act, 2008 (Act 774), the Central Bank may impose on a non-bank financial institution, an administrative sanction of not more than 10,000 penalty units for breach of this directive.
In the case of continuous breach, an additional penalty of not more 50 penalty units shall be imposed for each day the breach continues.
The Disclosure and Transparency Directives for digital financial services and products is aimed at providing the minimum disclosure and transparency framework to guide providers of Digital Financial Services and Products.
The objectives of the directive according to the Central Bank is to provide a framework to guide providers with regard to the disclosure of information pertaining to digital financial services and products in a manner that repose trust and confidence in consumers, protect consumers of digital financial services and products by ensuring that institutions that provide these services, do so in a transparent and fair manner by disclosing to the consumers and prospective consumers, among others.
Delivery of information
The report stated that providers (banks, SDIs) shall ensure that all materials provided to consumers, are clear, complete, accurate, understandable and not misleading regardless of the delivery channel.
Again, they shall be liable for all information delivered to the consumer.
Delivery Channels
A provider shall ensure that delivery channels for DFS do not expose consumers to undue risk of scams and fraud.
They shall ensure consistency in the style and delivery of information and consistency in the medium of communication.
Channels to deliver transaction confirmation
At a minimum, a provider shall deliver a transaction through a short messaging service (SMS) or electronic mail (email).
Latest Stories
-
Everyone must show interest in depleting pension funds – Pensions Expert
3 mins -
African Business Heroes: African SMEs ready to compete for a share of $1.5m grant
19 mins -
My government will partner with faith-based groups in development – Bawumia
28 mins -
Joy Prime’s Prime Morning to host show at sea in May Day celebration with Ghana Navy
33 mins -
Why increase contribution rate when you can’t manage what is given you? – NAGRAT asks SSNIT
1 hour -
There are greener pastures in Ghana – Prof Owusu-Dabo
3 hours -
Myjoyonline Interview with Abubakar Tahiru: Guinness World Record Holder for ‘Most Trees Hugged In An Hour’
3 hours -
JoyNews’ Clinton Yeboah honoured at 2023 Int’l Sports Media Awards in Spain
3 hours -
14 PWDs selected for maiden Africa Health Collaborative Medicine Counter Assistant training
4 hours -
Manchester United open to offers for nearly all of squad
4 hours -
Price of LPG per kilogramme constitutes 22% of taxes – LPG Marketers Association
6 hours -
Nigeria appoint Finidi George as new Super Eagles boss
6 hours -
Elevating Ghana’s creative industry: A blueprint for competing with Nigeria and South Africa
8 hours -
Poor finishing a problem for Asante Kotoko throughout the season – Prosper Ogum
8 hours -
Samini teams up with Francis Osei for ‘Sticks N Locks’ EP
8 hours