The Bank of Ghana has won the Central Banking’s FinTech Policy of the Year Award 2022 under the FinTech and RegTech Global Awards run by Central Banking.
Central Banking Institute unveiled the winners of its fifth annual FinTech RegTech Global Awards on June 14, recognising the technological achievements of central banks, supervisors and commercial tech providers.
The award scheme according to the institute “highlights official institutions’ success in payments and central bank digital currency (CBDC) innovation, data management, cyber resilience, synthetic data and digital asset regulation. Firms were recognised for big data management and analytics, anti-money laundering (AML) tech, regulatory compliance support, and payments and CBDC services”.
The award to the Bank of Ghana follows the Bank’s remarkable development of a Supervisory Intelligence Platform, which aims to streamline the collection and analysis of granular data from regulated FinTechs.
The platform also enhances the Bank’s capabilities for evidence-based policy interventions in the dynamic digital financial service ecosystem.
Commenting on the award, the Governor of the Bank of Ghana, Dr. Ernest Addison, said, “On behalf of the Board, Management, and staff of the Bank of Ghana, I accept the FinTech and RegTech Global Awards for the FinTech Policy of the Year Award 2022 category, with honour and pride. The purpose of innovation is not to follow trends; but to create solutions that are unique, tailored, and adaptable to one’s ecosystem. I wish to express the Bank’s gratitude to Central Banking for the recognition of this innovative policy tool, which was borne out of our quest to promote inclusive innovation in a safe and secure environment. Particularly, I also want to applaud the efforts of the Bank’s FinTech and Innovation Office for the development of this tool in-house. I believe this award will spur us to develop additional innovative ways to further enhance regulation and supervision of Ghana’s thriving digital financial service ecosystem”.
Central Banking cited the Bank of Ghana’s “internally developed supervisory intelligence platform uses geospatial mobile data to understand not just transaction values and volumes, but also the locations of these activities” as reason for the award.
The institution also said the Bank of Ghana’s system allows it “to supervise money laundering, terrorism financing and fraud within the ecosystem, the central bank can conduct credit and liquidity risk assessments on regulated entities. It uses this information to develop its own financial inclusion policies and better support fintech businesses and innovation”.