In order to achieve successful financial inclusion in the country, Executive Director of eTranzact Ghana, George Babafemi has charged operators within the budding FinTech space to seek the backing of regulators of the industry when designing products and services for public use.
According to him, this will serve as an assurance to end-users that their finances and other investments are secure especially at a time when there has been a rise in the activities of cybercriminals.
In an interview with Citi Business News, after securing an enhanced Payment Service Provider (PSP) license from the Bank of Ghana (BoG), Mr. George Babafemi, urged payment service providers to strictly adhere to high ethical standards and exhibit pure dedication to excellence in all operational aspects to enhance confidence in the sector.
“Being able to even have the license shows that the environment we are operating in is secure. It means that people can now have more trust. People already have trust in us, that is why we have remained in business over these years but we can now have added trust. Bank of Ghana is very thorough when they are doing things like this. But this doesn’t mean we should go to sleep. Rather keep doing what you did to acquire the license because the regulator will be checking on you. For instance how we recruit people, the environment, the security you have in place among others. If you don’t keep the standards running, the license can be revoked,” he said.
He also promised not to take the acquisition of the license for granted stating that, “for our customers, we are committed to doing this. We have been doing this for years. We can only promise that we will keep working hard. We can’t let them down.”
Already, data from the Central Bank on cyber fraud indicates that the banking industry, in 2019, reported a total of 2,295 fraud cases as compared to 2,175 fraud cases reported in 2018.
Speaking on the passage and subsequent implementation of the Payment Systems Act 2019,Mr. Babafemi noted that he is optimistic it will go a long way to streamline activities within the FinTech space.