Tag: fintech
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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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Non compliant fintechs to lose licenses – BoG
The Bank of Ghana will revoke the license of any financial technology company that fails to comply with regulatory requirements outlined in the new payment systems and services bill. The fintechs are expected to be compliant at a time where electronic payment systems are increasing significantly. This caution is also contained in the Bank of…
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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…
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Fintech won’t lead to job losses – OmniBank MD
Some bankers have ruled out huge layoffs of their human resource following the adoption of modern technologies in their operations. According to them, the job losses could largely be blamed on the inability of institutions to draw a clear balance in their innovation. “We developed some innovative products which we call the Omni Bank pay…