Skip to main content

Payment Systems and Services Bill, 2017 in the offing


By: Fred Yaw Sarpong

The Bank of Ghana (BoG) is to introduce Payment Systems and Services Bill, 2017 as a result of reviewing the existing Electronic Money Issuers and Agents’ Guidelines (2015) and the Payment Systems Act 2003 (Act 662).

According to the central bank, the idea is to consolidate these two laws into one piece of legislation.

Dr. Johnson P. Asiama, the 2nd Deputy Governor of the BoG said they have consulted widely with stakeholders in drafting the bill, and the draft is currently with the Ministry of Finance, which it’s ready to be presented to the Cabinet.

Addressing a cross section of bankers in Accra, Dr. Asiama mentioned that the central bank initiated the review because of the response to the changing banking and payment landscape.

“Information and communication technology (ICT) is transforming the financial services industry with rapidity. ICT is challenging the traditional banking model by providing alternative channels for banking and payments,” he pointed.

The 2nd Deputy Governor said the improvement in regulatory environment has drawn interest of banks and non-bank institutions in the digital financial space. “We are seeing increasing collaboration between banks and non-bank institutions such as telcos and financial technology firms for financial service delivery, hence there is no doubt that technology is promoting innovative financial products and a more inclusive financial system in Ghana,” he stated.

He pointed out that they are also working with the banking industry to migrate all payment cards from magnetic stripe standard to Europay, MasterCard and Visa (EMV) chip and PIN standard this year to enhance security and reduce fraud in the industry.

He indicated that the use of electronic payments will reduce payroll fraud, improve government revenue collection efforts and enhance the monetary policy transmission mechanism.

“Notwithstanding the progress made in payments systems development over the last couple of years, there remains a lot more to be done. It is against this background that stakeholders of the payment systems are being brought together under the Payment Systems Council to guide the orderly development of the payment system,” he mentioned.

He urged financial institutions in the country to take precautionary measures to avert attacks on financial infrastructure by hackers because technology-driven payment products are prone to attacks by cyber criminals.


Comments

Popular posts from this blog

Deputy AG sues Facebooker over 'malicious' Ameri deal

The Deputy Attorney-General and Member of Parliament for Bolgatanga East, Mr Dominic Ayine has filed a defamation suit at an Accra High Court against a Facebook commentator, Evron Hughes.
In Mr Ayine’s statement of claim, sighted by Graphic Online, he accused Mr Hughes of defaming him in a post he authored and published on Facebook on December 21, 2015, titled “RE: AMERI TRANSACTION”.
According to the Deputy A-G, the “false and malicious” post has provoked “public disaffection” against him and exposed him to public ridicule and contempt.
Describing Mr Hughes as a “self-styled social media blogger and a social commentator”, Mr Ayine said the Facebook post had brought his hard-won reputation “as a respected politician, teacher and lawyer” into “hatred, ridicule, odium, discredit, contempt, opprobrium and reproach”.
The Deputy A-G said the “defamatory words” were authored with the sole intent to reduce him in the estimation of all right thinking Ghanaians, adding that he had received numerou…

Meet Ghanaian female shoemaker

The Saint Ozwald shoe brand

By: Fred Yaw SARPONG
The Daily Express

From her humble beginning in Sunyani in the Brong Ahafo region, a senior high female graduate from the Twene Amanfo Senior high in the Brong Ahafo Sunyani and a Ghanaian now boasts of being one of the most popular Made-in-Ghana shoe brands and has the most number of celebrity endorsements.
Sandra Ozwald, CEO of Saint Ozwald

After Sandrah Ozwald completed school in 2013, her parent couldn't have enough money to help her continue school so she planned to do something for herself by selling ice cream, groundnut cakes or food. Back at the senior high, Sandra used to make groundnut cakes, condensed toffees and ice cream to support herself since her mother couldn't provide all for her.

With 12 siblings and the only girl child (2nd born) among them, and whiles planning which of these to sell, Sandra attended a friend’s wedding and the grooms shoe looked so attractive to her.

According to her, the groom’s shoes were Ma…