The Bank of Ghana says it is confident the Payment Systems and Services Bill which is before parliament will be passed in June.
The bill when passed will enable non-banks offering financial services have a regulatory environment to better operate in while minimizing related threats.
With more players in the financial space, competition is rife requiring the central bank’s keen eye on the space to ensure sanity prevails; Head of Payments at the Bank of Ghana, Dr. Settor Amediku mentioned.
The new law would among others make provision for emerging payment streams such as electronic money, prepaid cards, credit cards, electronic platforms and payment instruments.
It would also provide for non-banks to establish, own and manage electronic money business in the form of a separate entity to be supervised by the Bank of Ghana, as well as promote the availability and acceptance of electronic money and other forms of payment services as retail payment medium.
The Act would promote innovation in the design of new secure electronic money products and payment services helping financial inclusion while aiding the transitioning from a cash-dominant economy to a cash-lite economy greatly.
By Michael Eli Dokosi/goldstreetbusiness.com