The Bank of Ghana (BoG) has set the end of June 2020 for all operators of mobile money services to acquire operating license. 

According to the central bank, this new directive which has been communicated with some of the operators is to ensure that digital financial services are well regulated in the country.

Head of Payment Systems at the Bank of Ghana, Dr Settor Amediku disclosed this at the 23rd National banking Conference in Accra.

Speaking on the theme, “Implications of growth and sustainability of the financial industry in the digital age,” Dr Settor disclosed that the central bank has notified some operators about the deadline for acquiring license under the new law.

“The Bank of Ghana has supported the enactment of laws to ensure that the regulatory framework for players in the industry is fair. We already have real access to the platforms of all mobile money operators which we are able to watch every transaction they made.”

He added “let me assure you that the new payment system and bills act is going to ensure that all non-bank entities that are operating in the financial services industry are under regulation and they have to acquire a license with under the new law. The deadline for the license is June 2020”.

The Payment Systems and Settlement Act was passed this year to provide a fair regulatory platform for digital money transactions in the country.

President of the Chartered Institute of Bankers, Patricia Sappor urged financial institutions to embrace the new digital revolution into the sector.

“Our mobile phones have become an extension of our selves and in Ghana, there is an aggressive drive by financial institutions to extend their Banking services to their customers via their mobile devices. Some banks have recorded over 80% of their transactions emanating from these digital and electronic channels. I commend this drive and urge banks in Ghana to continue to disrupt and leverage emerging technologies such as AI, Deep data mining, robotics, Blockchain” she said.

She added that “Whilst we are aware of some of the digital regulation being put in place by the central bank for a robust digital regulatory environment in order to adjust or adapt to the rapid changes, there are still a lot of unanswered questions and concerns regarding Technology, Banking and the Future”.

The Governor of the Bank of Ghana, Dr Ernest Addison in a keynote address asked banks to review their operations including charges to customers in order to be sustainable in the new digital age.

The Bank of Ghana is in the process of introducing new technologies to improve banking services in the country.