The Bank of Ghana (BoG) has indicated that it will put in a robust system this month to halt fraud related activities associated with the country’s payment systems.
The move, according to the central bank, will be implemented in collaboration with banks and telcos.
Speaking to Citi Business News on the issue, the First Deputy Governor of the Bank of Ghana, Maxwell Opoku-Afari, assured that the Payment Systems Department of the BoG was regularly engaging banks to improve the security of the banking sector.
He pointed out, for example, that the launch of the mobile interoperability platform brings the country’s payment system under a new area, which requires the needed legislation to protect consumers.
Mr. Opoku-Afari assured that “the Payment Systems Department of the BoG is regularly engaging banks and telcos that are operating E-Payments and Mobile Money transactions to try to work within guidelines and framework to ensure the safety of consumers.
“As we use this platform in this ecosystem to drive financial inclusion we also have the protection and the stability of the financial system in mind so that whatever we do is geared towards protecting the consumer,” he added.
He stated that the central bank will always protect people in the payment ecosystem to enhance confidence in the financial sector.
He observed that the need to protect and enhance confidence in the payment systems will also encourage government’s aim of achieving financial inclusion.