The central bank has directed all financial institutions to only accept Ghana Cards for all transactions.
The Bank of Ghana (BoG) explained that this order takes effect from July 1, 2022.
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.
Specific institutions to be affected include banks, Specialised Deposit-Taking Institutions, Non-Deposit-Taking Financial, Institutions, Payment Service Providers and Dedicated Electronic Money Issuers, Forex Bureaus and Credit Reference Bureaus.
The BoG further entreated all institutions concerned to ensure that their database is updated with their customers’ Ghana card details.
The statement also said BoG is working to integrate the NIA’s verification transaction platform into its monitoring systems for ‘Know Your Customer’ purposes.
“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 limited to transactions by: i. Banks; ii. Non-bank Financial Institutions; and iii. Mobile Money Operators (MMOs).”