Driving Payment System Transformation in Ghana
In recent years, Ghana’s payment system has witnessed significant changes on account of the growing role of fintech firms and other new innovations. A recent survey conducted by the Bank of Ghana’s (BOG) Payment Systems Department revealed that 71 fintechs currently provide both front- and back-end services to Ghana’s banking sector. In light of these new developments, the payment system has constantly evolved to meet the developmental needs of the country, with BOG exercising oversight over significant financial market infrastructures (FMIs).
Diverse economic, financial, and public policy factors are driving the transformation of payment systems in Ghana. Partnerships between financial institutions and fintech firms are now providing innovative financial services to the public in response to increasing demand for digital payment products. Payment systems development can also be attributed to ongoing efforts by the Ghanaian Government and BOG to promote digital payments as an alternative to cash, as well as consumer demand for fast, convenient, and efficient payments.
In this special feature Dr. Settor Amediku, Head of the Payment Systems Department at BOG, looks at recent developments changing the payments landscape in Ghana. These include legal and regulatory reforms, initiatives to boost mobile money interoperability, development of a mobile money Agent Registry, migration to EMV technology, and the implementation of a national identification system.
The above is an excerpt from an article in our media partner Central Bank Payment News – September Issue.