Bank Of Ghana Sets Up Office To Oversee The Development of FinTech
The Bank Of Ghana (BOG) has set up an office to supervise the growth and regulation of financial technology (FinTech) and innovation in the country. This is meant to regulate the Fintech space.
The new FinTech and Innovation Office by the BoG will be responsible for licensing and oversight of committed electronic money issuers (mobile money operators), payment service providers (PSPs), closed-loop payment products, payment support solutions and other emerging forms of payment delivered by non-bank entities.
The bank said the advent of FinTech solutions had introduced complexities that required the sector supervisor’s focus, to understand and supervise effectively.
The BoG statement added, “The office will also develop policies to promote FinTech, innovation, and interoperability in Ghana.”