\n
The\u00a0Bank of Ghana\u00a0(BoG) has firmly rejected assertions that the country has lost US$8billion over the past two years due to Financial Technology companies (FinTechs) and Money Transfer Operators (MTOs) withholding funds.<\/p>\n
The Bank in a statement sought to address recent media discussions regarding the involvement of Financial Technology companies (FinTechs) and Money Transfer Operators (MTOs) in Ghana\u2019s inward remittance services and claims that the country has lost significant foreign exchange due to these entities\u2019 operations.<\/p>\n
\u201cThis claim is misleading and not grounded on facts,\u201d the bank stated, emphasising that all remittance inflows are properly accounted for through the banking system.<\/p>\n
According to the statement, Ghana has consistently seen an increase in remittance inflows year-on-year, as evidenced by data from both the\u00a0Bank of Ghana\u00a0and World Bank.<\/p>\n
The central bank clarified its regulatory role, stating: \u201cThe\u00a0Bank of Ghana\u00a0does not licence MTOs since such companies are based abroad. However, we conduct due diligence on MTOs who partner with local banks and\/or FinTechs to deliver remittances into Ghana as part of the authorisation process\u201d.<\/p>\n
BoG outlined the process of remittance flows, explaining that all inward remittances are credited to the nostro accounts of partner banks of Payment Service Providers (PSPs).<\/p>\n
\u201cNo PSP holds any forex inflows from inward remittances,\u201d the bank affirmed. \u201cThe partner bank credits the local cedi accounts of PSPs for onward transfer to beneficiaries.\u201d<\/p>\n
Addressing concerns about regulatory oversight, BoG reassured the public that both banks and FinTechs engaged in inward remittance services are required to submit regular prudential returns as part of their regulatory obligations. The Bank stated: \u201cWe continue to evolve our regulatory framework to remain relevant and effective in the face of technological advancement\u201d.<\/p>\n
The central bank also refuted claims of operating two foreign exchange systems, emphasising that all entities involved in remittance services must comply with the Foreign Exchange Act, 2006 (Act 723) and other legal and regulatory requirements.<\/p>\n
In November 2023 the BoG issued Updated Inward Remittance Guidelines, providing a framework for Payment Service Providers to partner with MTOs and local banks for the termination of inward remittances. These guidelines aim to complement the role of banks in offering remittance services and provide alternative channels, such as mobile money wallets, for Ghanaians to receive inward remittances.<\/p>\n
The BoG emphasised that FinTechs\u2019 involvement in remittance services is limited to inward transactions only.<\/p>\n
\u201cIt is important to note that these authorisations for PSPs are restricted to inward remittance services only, without any involvement in outbound remittance services,\u201d the bank clarified.<\/p>\n
Addressing data collection concerns, BoG stated: \u201cThe authorisation of FinTechs to engage in remittances has not in any way complicated data collection and analysis. The engagement of MTOs, either by a bank or a FinTech, requires authorisation from the\u00a0Bank of Ghana\u201d.<\/p>\n
The BoG\u2019s statement comes at a time when remittances play an increasingly important role in Ghana\u2019s economy. With its clarification of regulatory processes and rebuttal of misinformation, the central bank aims to foster trust in the country\u2019s financial system and encourage continued growth in remittance inflows.<\/p>\n
Source:\u00a0<\/strong>thebftonline.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The\u00a0Bank of Ghana\u00a0(BoG) has firmly rejected assertions that the country has lost US$8billion over the past two years due to Financial Technology companies (FinTechs) and Money Transfer Operators (MTOs) withholding funds. The Bank in a statement sought to address recent media discussions regarding the involvement of Financial Technology companies (FinTechs) and Money Transfer Operators (MTOs) […]<\/p>\n","protected":false},"author":1,"featured_media":193395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-193394","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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