Fintechs And Mobile Money Operators Required To Acquire License By June 2020

Fintechs and Mobile Money operators in Ghana will be required by the Bank Of Ghana to acquire a license by June 2020 to operate in the electronic payment space.

Acquisition of a license to operate is a requirement by the new Payment Systems and Services Act which was passed earlier this year.

Consumer protection issues have gained prominence in the digital financial service on account of complexity of digital ecosystem. For this reason, regulatory guidance is required for effective consumer protection,” Head of Payment Systems Department at the Bank of Ghana, Dr. Settor Amediku, said at the 23rd National Banking Conference organized by the Chartered Institute of Bankers.

The Bank Of Ghana will introduce a database called the “Vizor” to step up the monitoring of real-time digital transactions of banks.

Dr. Amediku says they are already in talks with the banks to facilitate the introduction of the database.