In a bid to further strengthen Ghana’s payment systems, the Bank of Ghana has inaugurated the Payment Systems Advisory Committee.
The Payment Systems Advisory Committee will be under the Chairmanship of the Governor, as stated under Section 4(2) of Act 987.
At the launch of the Advisory Committee, the Governor of the BoG, Dr. Ernest Addison said, the Committee is required to advise the Bank on regulation and oversight of the payment systems, operational and technical stands of the payment systems, and any other matters affecting payment services clearing and settlement of payments.
For effective discharge of its responsibilities, the Advisory Committee will harness the expertise of stakeholders through the establishment of working groups on the various thematic areas of the payment systems operations.
The Act has stipulated the membership of the Advisory Committee, and the selection process involved extensive deliberation and careful consideration of the strategic fit of the organisations and individuals.
“The increasing digitisation of the payment systems landscape has also widened the scope for financial technology firms (Fintechs) to operate. Among others, Fintechs have continued to create innovative products and services that meet the needs of various customer types at affordable costs, which is critical for financial access,” the Governor said.
Importantly, the Government’s quest to formalise the economy through digitisation places the payment system at the core of the national development agenda, He added.
Payment systems has become the central focus for delivering several digital products including pension, insurance, credit, investments, and savings.
Over the past two decades, the Ghana’s payment system infrastructure has recorded rapid transformation supported by digitisation.
The evolution of the payment system started with the establishment of the Real Time Gross Settlement System, the Automated Clearing House, Cheque Codeline Clearing and Truncation System, the National Switch (E-zwich) and Smartcard Projects.
All these culminated in the establishment of the Ghana Interbank Payment and Settlement Systems (GhIPSS) with a mandate to oversee all interbank payment and processing activities.
The implementation of the mobile money interoperability system was another significant achievement within Ghana’s payment ecosystem. The interoperability system has enabled seamless funds transfer across platforms of electronic money issuers on one hand, and between mobile money ecosystem and bank accounts on the other.
“This interconnectedness has laid the foundation for the efficient delivery of digital financial services and the scaling up of financial inclusion,” Dr. Addison said.