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The central bank has directed all financial institutions to only accept Ghana Cards for all transactions.<\/p>\n
The Bank of Ghana (BoG) says this order takes effect from July 1, 2022.<\/p>\n
This is pursuant to Regulation 7 of the National Identity Register, 2012 (L.I. 2111).<\/p>\n
A January 19 statement signed by BoG Secretary, Sandra Thompson said \u201c\u2026with 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\u2026The Public is to note that no other form of identification will be accepted for financial transactions in Bank of Ghana after the effective date stated above<\/em>.\u201d <\/p>\n 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.<\/p>\n Customers of Bank of Ghana regulated financial institutions are therefore entreated to update their records with their respective financial institutions with the Ghana Card in line with this Notice.<\/p>\n For KYC purposes, the National Identification Authority verification transaction platform will be integrated into the Bank of Ghana\u2019s financial monitoring platform. 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. This will include but not limited to transactions by Banks; Non-bank Financial Institutions; and Mobile Money Operators (MMOs).<\/p>\n The statement also said BoG is working to integrate the NIA\u2019s verification transaction platform into its monitoring systems for \u2018Know Your Customer\u2019 purposes.<\/p>\n \u201cThis 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<\/em>,\u201d portions of the release read.<\/p>\n Source: UTV\/GNA<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Featured Video\n<\/p>\n\n
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