Dr Ernest Addison, Governor of the Bank of Ghana (BoG), has assured the general public that the central bank is committed to the FinTech agenda and has demonstrated this by creating a conducive regulatory environment for FinTechs to thrive.
He stated that the Payment Service Provider Guidelines for Inward Remittance have enabled FinTechs to facilitate inward remittances across the country in a cost-effective and efficient manner.
Similarly, he stated that the New Merchant Account Categories Notice encourages payment solutions for MSMEs.
Furthermore, the Bank of Ghana’s Regulatory Sandbox provides a welcoming environment for the testing of products, solutions, and business models with the potential to expand financial inclusion, according to Dr. Addison.
“FinTechs are encouraged to avail themselves of the cohort announcement to pilot their innovations,” he said in his remarks at the Ghana Fintech Awards 2022 on Monday, January 30.
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“Besides these measures, the Bank is keen on the issuance of a digital version of the Ghanaian cedi, and it is currently analysing the pilot data to map up strategy for the next steps of the eCedi project.
“This is part of the Bank’s agenda to promote innovative and affordable digital financial services as a means of expanding financial inclusion and encouraging the use of digital payment as an alternative to cash.
“In addition, the eCedi is designed to enhance operational efficiency and cost-effectiveness in payments, and provide a safe, secure, and trustworthy alternative to privately issued digital currencies,” he added.
The Bank of Ghana will continue to work with FinTechs to ensure that financial services are provided to all Ghanaians, regardless of their income or location by encouraging and providing a conducive regulatory environment, Dr Addison further assured.
