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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Gulf central banks, Bank of England raise policy rates after Fed hike

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    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Over 500,000 stickers issued electronically through Motor Insurance Database – NIC

byEbenezer Afanyi Dadzie
July 20, 2020
in Local Economy, Top Stories
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The National Insurance Commission, which regulates Ghana’s insurance sector, says it has already issued half a million motor insurance stickers using the newly introduced Motor Insurance Database, MID.

According to the NIC, over time, the Motor Insurance Database will help to completely eliminate the phenomenon of fake insurance stickers.

Speaking to Citi Business News, the Head of Supervision at the NIC, Seth Eshun, said although over a 1.5 million cars are issued roadworthy certificates each year by the Driver and Vehicle Licensing Authority, DVLA, only a fraction of that number has motor insurance, a disparity the MID seeks to correct.

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“Almost 1.5 million cars are given road worthy certificates. But over the last three to four years, the number of cars that are actually insured by the industry is 0.8 million, and so one of the main reasons why we brought in the Motor Insurance Database is to get a system where the difference between cars with road worthy licenses and cars that have insurance is basically negligible.”

“Currently, we have half a million so, everything been equal we expect something around the region of a million. So, that means there’s still scope for us to improve. The key things that we seek to do is to collaborate a lot more with DVLA and we believe that if we collaborate with DVLA and the police, then we can ensure that the cars on the roads are insured,” he said.

Earlier this year, the Commission caused the arrest of a number of people issuing fake motor insurance stickers. These include a 72 year old insurance Agent, Nana Kodua Marfoh, for submitting fake documents to the Kumasi Area Office of the National Insurance Commission (NIC).

Two Agents of MILLENNIUM INSURANCE COMPANY LIMITED have also been arrested for possessing fake ALLIANZ INSURANCE sticker booklets also at the premises of the same Kumasi DVLA Office.

The Motor Insurance Database

The Motor Insurance Database was implemented on January 1, 2020. It was introduced to provide a centralized system from which security agencies and the general public including passengers of vehicles can check the validity of a vehicle insurance instantaneously.

The checks can be done through the use of a mobile phone, receipt of acknowledgement of transaction via a text message or by scanning a QR code on the insurance sticker by the Police MTTD.

The new system also enables the police and other interested parties to check on the spot the legitimacy of a vehicle’s motor insurance, by simply dialing a code.

Statistics from the NIC has shown that out of 2.3 million vehicles registered in 2018; only one million were issued with genuine motor insurance stickers.

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