Ghana introduces regulatory measures to secure electronic money transactions

Bank of Ghana
Bank of Ghana

Electronic money platform operators in Ghana will abide by separate regulatory requirements to enhance operations and secure the platforms for users, the central bank has said.

The bank has announced minimum capital requirements for different levels of electronic money transactions in the country.

These requirements range from 800,000 Ghana cedis (145,719 U.S. dollars), for a standard license, to 20 million Ghana cedis (about 3.65 million dollars), for electronic money issuers.

The central bank on Thursday announced minimum governance requirements and minimum system requirements for all the categories of electronic money transactions.

The emergence of new payment streams, institutions such as financial technology companies, and the general acceptance of electronic money have necessitated the enactment of the Payment Systems and Services Act, the central bank said.

“This is to provide the legal and regulatory framework for the orderly development of the payment system,” it said.

According to official data, the value of mobile money transactions in Ghana rose 34 percent to 140 billion cedis (25.5 billion dollars) in the first half of 2019, up from 104 billion cedis (18.97 billion dollars) for the same period last year. Enditem

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