The Chief Executive Officer of the Ghana Chamber of Telecommunications, Engineer Ken Ashigbey, says the Payment System Advisory Committee recently inaugurated by the Bank of Ghana will contribute significantly to the government’s digitalization agenda.
Speaking on the sidelines of the Committee’s inauguration, Ing. Ashigbey touted the efforts by the central bank to provide a leadership role in the development of the payment ecosystem.
He says the mobile network operators will contribute their quota towards the realization of the digitalization agenda.
“We really need to commend the Bank of Ghana. As regulators for this industry, they have been really open and ensured that engagement has been very tight and they have brought leadership to it.”
“They have allowed the systems to evolve. What we will do as telcos is to continue to push the envelope; continue to do a lot of innovation to ensure that the 7 million Ghanaians who are still not connected, we get them connected,” he stated.
Inauguration of Payment Systems Advisory Committee
The Payment Systems Advisory Committee is to advise the Bank of Ghana on regulation and oversight of the payment systems, as well as operational and technical stands of the payment systems, has been inaugurated.
The Committee, chaired by the Governor of the Bank of Ghana, Dr. Ernest Addison, is a creation of the Payment Systems and Services Act, 2019 (Act 987) which seeks to provide a strong regulatory framework for the emerging digital payment environment.
Speaking at the committee’s unveiling, the Bank of Ghana said it 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.
“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 Committee comprises 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 explained that Act 987 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.