BoG sets up new digital payment supervision and licensing office

BoG sets up new digital payment supervision and licensing office

Dr Ernest Addison - Governor, BoG

The Bank of Ghana (BoG) has announced the establishment of a new FinTech and Innovation Office to drive the Bank’s cash-lite, e-payments, and digitisation agenda.

The regulatory body said the emergence of FinTech solutions has introduced significant complexities that require the sector supervisor’s focus, to understand and supervise effectively.

The setting up of this new FinTech and Innovation Office, according to the Bank of Ghana, will among other things, be responsible for licensing and oversight of dedicated electronic money issuers, that is mobile money operators, and payment service providers (PSPs).

FinTech and Innovation Office will also perform the same responsibility for closed-loop payment products, payment support solutions and other emerging forms of payment delivered by non-bank entities.

A communication from the BoG to announce the latest development added that “the office will also develop policies to promote FinTech, innovation and interoperability in Ghana.”