BoG issues three-tier digital requirement for licensed financial service providers

The central bank says it has issued a three-tier digital account requirement to all licensed financial service providers to guide them in their transactions with small and medium enterprises.

Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari, making the disclosure said the directive is meant to facilitate and improve digital transactions among SMEs.

“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. 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.”

Dr Maxwell Opoku-Afari made this known speaking at the launch of the digitally-focused 5th CEOs Summit on April 20, 2021 in Accra.

“To make it easier for businesses to receive and make online payments, some payment service providers licensed by the 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,” the governor explained.

Dr Opoku-Afari said the Bank of Ghana was 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.

The move, he adds will grant SME’s access to explore global market opportunities.