The Bank of Ghana has assured Players in the financial service eco-system of its unwavering commitment to the cash-lite agenda.

According to the Central Bank, it has already started collaborating with FinTech Accelerators, Technology Hubs, and has facilitated various sessions on licensing requirements, corporate governance and compliance for reporting institutions.

This further demonstrates its openness and engaging attitude toward industry players.

Delivering the keynote address at the 2022 Standard Chartered Digital Banking, Innovation and Fintech Festival’, First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku Afari noted that the Central Bank will continue to dialogue and engage all stakeholders to achieve the shared goals of promoting innovation and a safe payments ecosystem.

“While much has been collectively achieved, there’s a lot that needs to be done in building our future economy. Let me use this opportunity to reassure players in the digital financial service ecosystem that Bank of Ghana remains resolute in our commitment to the cash-lite agenda. I also encourage you all to take advantage of the opportunities that Bank of Ghana has presented to the space to encourage innovation”.

“In fact, the Bank has already started collaborating with FinTech Accelerators, Technology Hubs, and has facilitated various sessions on licensing requirements, corporate governance and compliance for reporting institutions. This further demonstrates the Bank’s openness and engaging attitude towards industry players”, he added. ”

eCedi pilot brings useful lessons

 In anticipation of it future role as a Central Bank within a digital economy, the Bank of Ghana set out to explore the possibility of introducing a central bank digital currency called the eCedi through a comprehensive pilot testing process that has just ended.

The pilot saw the testing of online and offline versions of the eCedi in Accra, Tarkwa and Sefwi Asafo. “The pilot has unearthed useful insights on the impact of the initiative of the Bank which will
prove instrumental in the event of a full-scale deployment of the eCedi”, Dr. Opoku-Afari said.

Sim card registration to ensure centralisation of KYC

The First Deputy Governor also said the ongoing sim-card registration exercise will ensure the centralization of Know Your Customer data to boost delivery of financial services devoid of fraud, theft and opportunities for money laundering and financing of terrorism.

“The consumer should be at the center of our collective efforts. As such, the Bank will not relent on its effort to protect them. It is in this vain that the Bank of Ghana has developed an artificial intelligence powered automated customer complaint system, I believe this community refers to it as a chatbot; dubbed ‘Akushika’. This customer experience solution is being deployed as an additional mechanism, to manage consumer complaints and promote
consumer protection”, he added.