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BoG vows to protect data of mobile money users 

BoG vows to protect data of mobile money users 
Source: Ghana | JoyBusiness | JAD
Date: 28-11-2018 Time: 04:11:53:pm

The Governor of the Bank of Ghana, (BoG), Dr Ernest  Addison has given the firm assurance of doing everything to protect data of mobile money customers in the country. 

The Governor’s comment comes at the time that communications ministry is pushing to have access to mobile money data for purposes of revenue assurance. 

Speaking at the launch of the second phase of the Mobile Money Interoperability in Accra, Dr Addison said BoG has the sole responsibility for the sector.

“…as the sole regulator of the Mobile Money sector, the Central Bank will ensure that right things are done by the various players in the sector. We will continue to regulate and monitor activities within the space and ensure that all participants play by the rules.” 

He said the Bank of Ghana has a key responsibility to safeguard the integrity of the financial system to underscore the trust that is central to financial deepening and development. 

Dr Addison added, “it is therefore critical to ensure the confidentiality of transactions, privacy of data collected by operators in this space (including personal and financial data), the security of transactions, and smooth operations of all stakeholders and regulators providing complementary services in this space.”

Fintechs

The Governor also challenged fintechs to work closely with the banks to harness the numerous opportunities presented by financial inclusion in the economy.

He said, “The interoperability that exists between e-zwich, bank accounts and mobile money wallets, offer participants an endless opportunity to develop various value-added services to the public.  

Let me, therefore, challenge Fintechs to work closely with banks, non-bank financial institutions and especially rural and community banks to come out with several other products and services that will further bring banking and financial transactions closer to the public.”  

Dr Addison added, “I see endless opportunities with this financial inclusion triangle and I hope the players also realise the enormity of opportunities it presents.”