The Bank of Ghana (BoG) has established a new FinTech and Innovation Office to drive the Bank’s cash-lite, e-payments, and digitisation agenda.

The emergence of FinTech solutions has introduced significant complexities that require the sector supervisor’s focus, to understand and supervise effectively.

In a statement on Tuesday, the BoG said “The new FinTech and Innovation Office will be responsible for licensing and oversight of dedicated electronic money issuers (mobile money operators), payment service providers (PSPs), closed loop payment products, payment support solutions and other emerging forms of payment delivered by non-bank entities.”

The office will also develop policies to promote FinTech, innovation and interoperability in Ghana.