Some Ghanaians have expressed mixed reactions to the directive of the Bank of Ghana for all licensed and regulated financial institutions under the central bank, to accept only the Ghana Card for transactions from July 1, 2022.
Per the notice from the Central Bank, the move is in furtherance of the BoG’s objective of ensuring the safety of the financial ecosystem.
According to the notice of the Bank of Ghana, institutions that will be required to accept only the Ghana card for financial transactions 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.
The BoG also urged the financial institutions and their customers to update their records with the Ghana Card in line with the notice.
While multiple stakeholders in Ghana’s banking industry have welcomed the move by the Bank of Ghana, saying it will check fraud and sanitise the country’s financial system, what does the general public make of the directive?
Citi Business News engaged some residents of Accra on the new directive, and this is what they had to say: