The Bank of Ghana says the regulatory environment has been revamped for a more competitive and innovative industry that is better positioned to serve the diverse digital financial services needs of individuals, businesses and government.
This will subsequently create a competitive environment for FinTechs.
“These projects have laid a solid foundation for businesses to receive and make digital payments that are convenient and safe by engaging relevant entities licensed by Bank of Ghana”, First Deputy Governor, Dr. Maxwell Opoku-Afari said at the launch of 5th CEO Summit.
“Obviously, the more than 17 million active mobile money accounts, provides ample evidence of the increasing adoption of digital payments and provide a fertile ground for businesses to explore digital channels to interact with customers. I must emphasise that the financial sector digitization programme is part of the bigger project of the government in a bid to formalise the economy through digital technology”, he noted.
In spite of the tremendous achievements towards building a financial inclusive society through digitisation, Dr. Opoku-Afari said the COVID19 containment measures put in place at the height of the pandemic by the government highlighted the digitization gap and brought to fore the extent to which this gap can be exploited by businesses for economic efficiency and growth.
In this regard, he pointed out that the inability of businesses to incorporate and embrace digitalization in their business models will undoubtedly create a void with dire consequences for the survivability of businesses during a post-pandemic pandemic.
“Let me be clear that this transition will not be an easy one as there will be costs associated with changing business models. But this is where businesses will have to be resolute and remain steadfast in the pursuit of their ideals and take a long-term view of where they want to see their operations a decade from now. I am fully aware that some businesses are beginning to internalize this new normal and are taking adequate steps to adopt digital technology in their operations to ensure their relevance as well as grow their business traffic”, the First Deputy Governor emphasized.
More opportunities for payment service providers
To make it easier for businesses to receive and make online payments, Dr. Opoku-Afrai said some payment service providers licensed by the Central Bank have been permitted to provide merchant acquiring and payment aggregation service for businesses.
The solutions are designed and made available to businesses in a manner that does not impose high infrastructure cost and complex connectivity requirements.
In furtherance of this, he said the Bank of Ghana has issued a three-tier merchant digital account with proportionate onboarding requirements to guide financial service providers in meeting the peculiar needs of small and medium scale enterprises, adding, this policy change is expected to facilitate acceptance of digital payments by small and medium size enterprises so as to provide convenience to their customers and also expand the geographical reach of their business.
SMEs harnessed to explore global market opportunities
The Bank of Ghana is also working with the Monetary Authority of Singapore (MAS) on a Business Sans Borders project to enable SMEs in Ghana leverage digital technology to improve on their businesses as well as give them access to explore global market opportunities.
He assured the Chief Executives that the Bank of Ghana will continue to monitor the evolution of new trends in the changing business environment and stands ready to continue to provide and build upon the requisite infrastructure needed for development and ensure smooth business operation.
It will also make sure the policy environment for businesses is enhanced and fine-tuned in a post-COVID19 environment.
A clear demonstration of the Bank of Ghana’s commitment to these ideals is the establishment in 2019 of a FinTech and Innovation Office, staffed with well-seasoned personnel, to oversee an orderly development of the growth of this burgeoning sector.
“I will encourage businesses to work conscientiously with banks and FinTechs in the implementation of their digitisation strategy”, the First deputy Governor opined, adding, “the Central Bank will welcome any form of engagement with industry to provide clarity on opportunities available in the banking and payments industry to assist businesses overcome the challenges of the pandemic and also reposition their operations for a post-COVID-19 environment.”
- We will not allow any religious group to plunge Ghana into chaos – Muntaka
- Kwabena Agyepong welcomed back to NPP after 6 years suspension
- One feared dead, several others injured after accident at Legon underpass
- Manu, who delayed Ghana’s 4x100m baton, had never received one – Coach
- Citi FM journalist, Caleb Kudah allegedly picked up by National Security operatives
- SALL kicks against EC’s decision to amend C.I. for them to vote in 2024
- Leadership crisis at Ghana Rugby: Chairman Herbert Mensah suspended indefinitely, set to be removed from office on June 8
- Former British High Commissioner to Ghana, Craig Murray jailed for contempt in the UK
- Ghana drops to 95th in 2021 World Happiness ranking
- Dr Mavis Owureku Asare: Wesley Girls’ no fast policy is not about religion
Wesley Girls: Aside ban on fasting Muslims aren’t allowed to observe Salat – Old student
Operation Halt must be sustained, extended to tributaries of major rivers – Defence Minister
Akufo-Addo is not against mining, he is helping to improve it – Lands Minister
Pupils travel 3 hours barefoot on muddy road to school in Accra
Military not harassing legal miners – Dominic Nitiwul
2021 Wolves Cup to be launched on Wednesday
Israel: Hamas launches rocket attack on Tel Aviv
Military taskforce deployed to fight illegal mining facing local resistance – Defense Minister
Manchester City win Premier League title after Manchester United lose to Leicester
Soyuncu’s header gives Leicester win at Man Utd to hand Man City title
3 communities in Krachi East Municipality calls on government for portable water
3 police officers, others remanded for alleged secret burial
Decision to reinstate Kwabena Agyepong was unanimous – Freddie Blay
Military fight illegal miners in ‘Operation Halt’
One feared dead, several others injured after accident at Legon underpass