Only Ghana Card will be accepted for financial transactions from July 1 – BoG

Bank of Ghana (BoG) gives direction to all financial institutions for the Ghana Card to be the only acceptable identification card for all transactions. 

This order is to take full effect from 1st July 2022.

BoG said this is pursuant to Regulation 7 of the National Identity Register 2012 (L.I. 2111)

“…with effect from July 1, 2022, the Ghana Card shall be the only identification card that will be to undertake transactions at all Bank of Ghana licensed and regulated financial institutions…,” a January 19 statement read.

The financial institutions to be affected include; Specialised Deposit-Taking Institutions, Non-Deposit-Taking Financial, Institutions, Payment Service Providers and Dedicated Electronic Money Issuers, Forex Bureaus, and Credit Reference Bureaus.

BoG advised all institutions involved to update their database with their customers’ Ghana card details.

msport-incontent

The statement also said BoG is working to integrate the NIA’s verification transaction platform into its monitoring systems for ‘Know Your Customer’ purposes.

Also on Mfidie.com:   Mana Mobility Plans To Manufacture Electric Cars In Ghana By 2023

“This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the identification of initiators/beneficiaries for track and trace purposes,” portions of the release signed by BoG Secretary, Sandra Thompson read.

“This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the identification of initiators/beneficiaries for track and trace purposes.”

The BoG added that these “will include but not be limited to transactions by i. Banks; ii. Non-bank Financial Institutions; and iii. Mobile Money Operators (MMOs).”

Thank you for making Mfidie.com Ghana's Biggest Tech Blog.
You are the reason we produce quality digital content. Scroll down to read more on Mfidie.com.
Follow us on TwitterFB, IG, Telegram & YouTube
We accept Guest Posts. If you’d like to write for us, contact us for PR or to submit an article click here.

Also on Mfidie.com:   SIM Registrations: agents charge to defray phone, data cost
Leave a comment