Governor of the Bank of Ghana, Dr. Ernest Addison, says the central bank will continue to strengthen its regulatory oversight on digital payment platforms in its bid to drive financial inclusion.
Dr. Addison, speaking at the inauguration of the Payment Systems Advisory Committee, said the bank is committed to enhancing the gains made in the development of the country’s payment system infrastructure.
“Without a doubt, the payment system is of systemic importance and engenders financial inclusion. Therefore, the Bank of Ghana will continue to strengthen the supportive structures, including the provision of strong regulatory and prudential oversight to ensure that the payment system is safe, efficient, competitive, and supportive of innovation.”
“It is against this background that the Bank facilitated the enactment of the Payment Systems and Services Act, 2019 (Act 987). Among others, Act 987 seeks to provide a strong regulatory framework for the emerging digital payment environment,” the Governor explained.
The Payment Systems Advisory Committee under the Chairmanship of the Governor, as stated under Section 4(2) of Act 987, is required to advise the Bank of Ghana 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.
The eight-member committee comprises the Governor of the Bank of Ghana, Dr. Ernest Addison, Sampson Akligoh, Ministry of Finance; Archie Hesse, Ghana Interbank Payment and Settlement Systems; Evelyn Essien, Securities and Exchange Commission; Ing. Kenneth Ashigbey, Ghana Chamber of Telecommunications; Samuel Sarpong, Ghana Association of Bankers; Kwaku Kyei Ofori, National Information Technology Agency, and Charles Atuahene, Association of Ghana Industries.
Dr. Addison explainsed that 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 organizations and individuals.
For effective discharge of its responsibilities, he stated that 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.