Tag: Dr. Settor Amediku
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BoG directs fintechs and MoMo operators to acquire license by June 2020
The Bank of Ghana has said companies engaged in online or digital transactions including Mobile Money Operators and fintechs, have up to June 2020 to acquire their licenses to enable them operate in the electronic payment space. The acquisition of the license by these companies is one of the requirements in the Payment Systems and…
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Banks to start operating MoMo points directly from July–BoG
The Bank of Ghana (BoG) is predicting stiffer competition as banks prepare to directly operate mobile money(MoMo) vending points through the Electronic Payment and Financial Services law from July 2019. By this, banks in the country will be allowed to brand specific points to render mobile money services. Speaking to Citi Business News on the…
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BoG sanitizes fintech industry with new laws
The Bank of Ghana says it will strictly enforce the yet to be passed Payment Systems to sanitize the financial sector. The central bank has bemoaned what it says is the proliferation of fintechs in Ghana’s financial system. Currently, there are seventy-one fintechs providing solutions to businesses and individuals. Following the impact of cyber fraud…
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Three banks to begin their own version of mobile money
At least three banks are set to commence the issuing of electronic money which will allow customers transfer money on a virtual platform. According to the Bank of Ghana, the development forms part of efforts to reduce the use of cash and switch to a more cashlite economy. Citi Business News understands that this development…