Bank of Ghana Dedicated to Minimizing Interoperability Charges – Governor

The Bank of Ghana has touted its achievement in minimizing the interoperability charges within the mobile money transactions system.

Governor of Bank of Ghana (BoG), Dr. Ernest Addison in his speech at the official opening of Zeepay Head Office said the interoperability charge which used to be 1.5% has now been reduced to 1%. The achievement, according to him, will enhance digital banking and ease the financial burden on clients.

“The Bank has worked with the industry to reduce charges on mobile money interoperability to a maximum of 1 percent. This will ease customers’ financial transactions within the mobile money interoperability system, foster the adoption of digital financial services, and deepen financial inclusion.

“Also, the new directive on merchant categorization will ensure that micro, small and medium-sized enterprises (SMEs) that are not registered as corporate entities can now have access to merchant wallets. This is expected to entrench the adoption of digital payment services in the informal sector,” he said.

Dr. Addison further reiterated the Central Bank’s dedication to ensure and promote a safe, efficient, and all-inclusive financial service industry.

With digital banking being the future, the Governor said his outfit is committed to nature and harnesses the potential of technology to build a strong system for consumer confidence and trust in financial digitization.

“So far, the impact of innovative Fintech-driven financial products and services has been phenomenal. From employment creation to foreign direct investments’ technology transfer and skills enhancement to financial inclusion, the footprints of FinTechs are visible,” he stressed.

“With the future of banking resting on digital technology, the Bank has created the right conditions to nurture and harness the talents and creative skills of young Ghanaian innovators into the financial space.

Chief of Staff, Frema Opare on her part said the Akufo-Addo administration is dedicated to stabilizing the financial sector since it is the nerve of the country’s economy.

According to her, the introduction of bold monetary policy programs has opened the country to the international community.

She stated that Ghana through the innovative policies experienced significant dividends such as the deepening of the Financial Service sector and expansion in GDP from $58.9 billion in 2017 to $65.3 billion as of at first quarter of 2020.

One major gain we are exceptionally delighted about is how technology has opened up the local economy and introduced various business models such as Fintech, Insuretech, and Regtech, which are generating employment, contributing to government revenue, and improving the knowledge base of the youth.

“Today, Fintechs employs over 1,000 people and have become a key off-taker for computer science graduates in Ghana. Some Fintechs such as Zeepay, for example, have become a key supplier of foreign exchange through remittance to wallet in the Ghanaian market, making it a national asset.”

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