BoG is committed to fostering a vibrant and inclusive financial services ecosystem

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Governor of the Bank of Ghana, Dr Ernest Addison

The Bank of Ghana (BoG) has declared its commitment to foster a vibrant, inclusive, secure and efficient digital financial services ecosystem with the establishment of a Fintech and Innovation Office (FIO).

The Bureau is to drive the country’s cash-lite, electronic payments and digitization program.

The Bank’s annual report and financial statements for 2020 indicate that the FIO is responsible for the authorization and supervision of Dedicated Electronic Money Issuers (DEMI) and Payment Service Providers (PSP).

He is also responsible for the activities of payment technology and financial technology service providers (PFTSP) and other emerging forms of payment provided by non-bank entities.

“The FIO is also developing policies to promote innovation and fintech interoperability in Ghana,” the report says.

He said that to nurture fintech and promote responsible innovation in digital financial services, a regulatory and innovation sandbox project was launched in 2020.

The project, which is in line with the Bank’s Financial Sector Digitization Agenda, is expected to further contribute to policy development aimed at improving financial inclusion and supporting innovations within the fintech ecosystem.

The report states that during the year under review, the Bank continued to monitor developments in digital currencies and took steps to explore the feasibility and suitability of a Central Bank digital currency (CBDC ) to the Ghanaian economy.

The report says the Bank has remained committed to facilitating innovation in payment systems and piloting ideas like a CBDC.

Therefore, the first phase of the possible introduction of a CBDC in Ghana is the design of the electronic money, e-Cedi, which will be tested before its full implementation.

“This will facilitate electronic payments by households and businesses, using digital currency issued by the Bank,” he added.

In the field of mobile money services, the total transaction value increased by 82.4% to reach GH ¢ 564.16 billion at the end of December 2020, while the total free float balance increased by 92.1% to reach GH ¢ 6.98 billion.

The report says registered mobile money account holders grew 18.5% to 38,473,734 at end-December 2020, with the number of registered agents also increasing to 423,892 at end-December 2020, from 306,346 at end-December 2020. end of December 2019.

He said the number of active mobile money accounts increased by 18.6%, reaching 17,142,677 at the end of December 2020, while the number of active mobile money agents rose to 328,329 in 2020 from 226,298 in 2019.


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