Bank of Ghana to promote innovation in financial market

The Bank of Ghana is working on establishing a sandbox to promote innovation in the financial market and also test some concepts including the establishment of a Central Bank Digital Currency.

First Deputy Governor, Dr Maxwell Opoku-Afari, who was speaking at a Virtual Stakeholder Workshop on Payment Systems and Service Act in Accra, said there had been phenomenal transformation as a result of growing adoption of digital technology over the past decade.

He said individuals, businesses and government had shown strong preference for digital payments for reasons of convenience, efficiency, speed, affordability, round the clock availability and robust audit trail.

Besides the evolving consumer preferences, digital innovations had a proven capability for tackling the nagging financial exclusion problems as evidenced by the tremendous success of mobile money in Ghana, Dr Opoku-Afari said.

The BoG, through its subsidiary; the Ghana Interbank Payment and Settlement Systems (GhIPSS), has facilitated the implementation of a portfolio of modern and robust interbank payments systems.

Such systems include e-Zwich, GIP, ACH, GH-Link and Mobile Money Interoperability and the establishment of the foundation for nationwide digital delivery of financial services.

“The role of Fintechs in innovating these infrastructures to meet various needs of society is paramount. We look forward to seeing deep collaboration between GhIPSS and Fintechs (Payment Service Providers) to harness the potential of these systems for the benefits of society,” Dr Opoku-Afari said.

“Hopefully, you have heard recent announcements of licence application approvals for some Payment Service Providers. We will continue to work with you to ensure that you are taken through the licencing process to enable you to deliver value to consumers and the broader financial sector.”

Act 987 is a product of active collaboration between the Bank of Ghana and public and private sector stakeholders including the Ministry of Finance, Attorney General’s Department, National Communications Authority, Ghana Association of Bankers, Telecoms Chamber, FinTech Chamber and development partners.