Tighten security features to boost operations – BoG to financial institutions

As part of measures in building confidence in the electronic payment system, financial and non-financial institutions have been charged to tighten and enhance their security features to boost operations.

This is according to Governor of the Central Bank, Dr Ernest Addison, who says the move would require strengthening the effectiveness and robustness of the preventive as well as fraud detection systems using the latest technology such as machine learning and artificial intelligence.

Speaking at the launch of the Universal QR Code and Proxy Pay system, Dr Addison advised financial and non-financial institutions to offer liability protection programs and the availability of dedicated platforms to resolve consumer complaints timeously, adding that, this would provide assurance and boost consumer confidence in the electronic payment products.

“In building confidence in the electronic payment products, financial and non-financial institutions should also continue to tighten and enhance security features, in particular cyber security. This would require strengthening the effectiveness and robustness of the preventive and fraud detection systems using the latest technology such as machine learning and artificial intelligence”

“Beyond that, offering liability protection programs and the availability of dedicated platforms to resolve consumer complaints timeously would also provide assurance and boost consumer confidence in the electronic payment products,” he added.

Ghana has yesterday become the first country in Africa, and one of only a few countries in the world to launch a Universal QR Code to accelerate electronic payments.

The launch according to government will go a long way in solving problems of financial inclusion with a target on the informal sector.

The Universal QR Code and Proxy Pay platforms will be implemented by the Ghana Interbank Payment and Settlement Systems (GhIPSS) and will make it possible for all merchants, service providers and institutions to receive payments from bank accounts, Zurich accounts, mobile money wallets or internationally-issued visa or MasterCards instantly.