The Governor of Bank of Ghana (BoG) Thursday inaugurated Ghana’s first-ever Payment Systems Advisory Committee.

The Payment Systems Advisory Committee under the Chairmanship of the Governor, as stated under Section 4(2) of Act 987, is required to advise the Bank on regulation and oversight of the payment systems, operational and technical stands of the payment systems, and any other matters affecting payment services clearing and settlement of payments.

The Act has stipulated the membership of the Advisory Committee, and the selection process involved extensive deliberation and careful consideration of the strategic fit of the organisations and individuals.

For effective discharge of its responsibilities, the Advisory Committee will harness the expertise of stakeholders through the establishment of working groups on the various thematic areas of the payment systems operations.

Members of the Committee include The Governor or his alternative Bank of Ghana, Sampson Akligoh - -- Ministry of Finance, Archie Hesse - Ghana Interbank and Settlement Systems (GhIPSS), Evelyn Essien - Securities and Exchange Commission (SEC), Ing. Kenneth Ashigbey - Ghana Chamber of Telecommunications, Samuel Sarpong Ghana Association of Bankers, Kwaku Kyei Ofori - National Information Technology Agency (NITA) and Charles Atuahene - Association of Ghana Industries (AGI).

Speaking at the inauguration ceremony, Governor of the Bank of Ghana, Dr Ernest Addison said “Today marks another landmark in our journey to develop a safe, efficient, competitive, and inclusive payment system for Ghana. As we all know, payment systems are essential components of a modern economy. It is imperative, therefore, that stakeholders must plan, design, and implement payment systems reforms in a holistic manner.”

He said “Over the past two decades, Ghana’s payment system infrastructure has recorded rapid transformation supported by digitisation. To recap, the evolution of the payment system started with the establishment of the Real Time Gross Settlement System, the Automated Clearing House, Cheque Codeline Clearing and Truncation System, the National Switch (E-zwich) and Smartcard Projects. All these culminated in the establishment of the Ghana Interbank Payment and Settlement Systems (GhIPSS) with a mandate to oversee all interbank payment and processing activities.”

Dr Addison said, “The implementation of the mobile money interoperability system was another significant achievement within Ghana’s payment ecosystem. The interoperability system has enabled seamless funds transfer across platforms of electronic money issuers, on one hand, and between mobile money ecosystem and bank accounts on the other. This interconnectedness has laid the foundation for the efficient delivery of digital financial services and the scaling up of financial inclusion.”

He added “The increasing digitisation of the payment systems landscape has also widened the scope for financial technology firms (Fintechs) to operate. Among others, Fintechs have continued to create innovative products and services that meet the needs of various customer types at affordable costs, which is critical for financial access. Importantly, the Government’s quest to formalise the economy through digitisation places the payment system at the core of the national development agenda. Indeed, the payment system has become the central focus for delivering several digital products including pension, insurance, credit, investments, and savings.”

“Without a doubt, the payment system is of systemic importance and engenders financial inclusion. Therefore, the Bank of Ghana will continue to strengthen the supportive structures, including the provision of strong regulatory and prudential oversight to ensure that the payment system is safe, efficient, competitive, and supportive of innovation.”