Audio By Carbonatix
The central bank has directed all financial institutions to only accept Ghana Cards for all transactions.
The Bank of Ghana (BoG) explained that this order takes effect from July 1, 2022.
This is pursuant to Regulation 7 of the National Identity Register, 2012 (L.I. 2111).
"...with effect from July 1, 2022, the Ghana Card shall be the only identification card that will be to undertake transactions at all Bank of Ghana licensed and regulated financial institutions...," a January 19 statement read.
Specific institutions to be affected include banks, Specialised Deposit-Taking Institutions, Non-Deposit-Taking Financial, Institutions, Payment Service Providers and Dedicated Electronic Money Issuers, Forex Bureaus and Credit Reference Bureaus.
The BoG further entreated all institutions concerned to ensure that their database is updated with their customers' Ghana card details.
The statement also said BoG is working to integrate the NIA's verification transaction platform into its monitoring systems for 'Know Your Customer' purposes.
"This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the identification of initiators/beneficiaries for track and trace purposes," portions of the release signed by BoG Secretary, Sandra Thompson read.
"This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the identification
of initiators/beneficiaries for track and trace purposes."
The BoG added that these "will include but not limited to transactions by: i. Banks; ii. Non-bank Financial Institutions; and iii. Mobile Money Operators (MMOs)."
Latest Stories
-
UPSA partners Multimedia Group to promote student entrepreneurship and business leadership
14 minutes -
New outbreak of Ebola kills 65 in eastern DR Congo
29 minutes -
Three foreign nationals arrested over illegal mining on Tano River
38 minutes -
2026 FAIC Conference adopts 3 strategic resolutions to boost built environment
39 minutes -
US law enforcement agencies tight-lipped on offences behind Asante Akim North MP’s detention
43 minutes -
Makola traders to petition President Mahama over proposed relocation
54 minutes -
Wontumi trial: Defence witness says verbal mining deals have no legal standing
57 minutes -
Supreme Court gives Attorney-General seven days to respond in KIA renaming case
59 minutes -
Bullet reveals $100,000 payment of royalties to Ebony’s father
1 hour -
NAIMOS destroys illegal mining equipment on Butre River
2 hours -
Amerado back to hardcore rap; releases explosive single ‘Return of the Lunatic’
2 hours -
Ofosu Nkansah commends NPP leadership over support for members facing arrests
2 hours -
African Champs: South African athlete says ‘things have improved, last night’s food amazing’
2 hours -
FEDCO donates GH₵200k to Ghana Medical Trust Fund to support healthcare delivery
2 hours -
Ghanaian pastor in Canada jailed over assault case involving 13-year-old congregant
2 hours