BoG introduces key measures to fight fraud in electronic payment

The Bank of Ghana has intensified measures to tackle fraud associated with electronic payment systems. Reports from the central bank indicate that the country loses over 900 million dollars through fraudulent payment every year.

A 10 member council has therefore been inaugurated to tackle the canker. Speaking at the ceremony, 2nd deputy governor of the central bank, Dr. Johnson Asiamah stressed the importance of the council in tackling e-crimes.

He says the activities of the council, will reduce fraud in the e-payment systems in the country. “Payment systems bring insecurity and deficiency to the collection and distribution of government revenue. The bank of Ghana is committed in ensuring efficiency in our payment systems hence the establishment of this council. We feel strongly about this council as they will help reduce fraud in our payment systems” he emphasized. Dr. Asiamah believes promoting a cashless society will make the strategy effective.

He said, “International confidence in the payment systems has also picked up, but we need to do more. Usage of credits cards and other platform should be used, as well as reduce the amount of cash that is circulating on the market.” The members of the council include Magdalene Apenteng from the Ministry Of Finance, Kwesi Agyekum from the GRA, Seidu Kotomah from the Controller and Accountant General’s Department and Alexander William from the Bank of Ghana. Others are Kwaku Sakyi Addo of the Ghana Telecoms Chamber, Sheikh Jobah from Ghana Association of Bankers, Kofi Anokye Owusu of NPRA, Simon Nero from NIC and Maame Dufie Amoah from the NCA.