BoG inaugurates Payment System Advisory Committee

The Governor of the Central Bank, Dr. Ernest Addison, has inaugurated an 8-member payment advisory committee to develop a safe, efficient, competitive, and inclusive payment system for the country.

This is to enable stakeholders to plan, design, and implement payment system reforms in a holistic manner.

According to the Governor, over the past two decades, Ghana’s payment system infrastructure has recorded rapid transformation supported by digitization with the evolution of the payment system starting with the establishment of the Real Time Gross Settlement System, the Automated Clearing House, Cheque Codeline Clearing and Truncation System, the National Switch (E-zwich) and Smartcard Projects.

“All these culminated in the establishment of the Ghana Interbank Payment and Settlement Systems (GhIPSS) with a mandate to oversee all interbank payment and processing activities”, he added.

He indicated that the implementation of the mobile money interoperability system was another significant achievement within Ghana’s payment ecosystem, stating that, the interoperability system has enabled seamless funds transfer across platforms of electronic money issuers on one hand, and between mobile money ecosystem and bank accounts on the other.

Dr Addison further announced that the interconnectedness has also laid the foundation for efficient delivery of digital financial services and the scaling up of financial inclusion.

“The increasing digitization of the payment systems landscape has also widened the scope for financial technology firms (Fintechs) to operate”, he added.

The Governor added that the payment system, indeed, has become the central focus for delivering several digital products including pension, insurance, credit, investments, and savings.

He said, without doubt, the payment system is of systemic importance and engenders financial inclusion and so, BoG would continue to strengthen the supportive structures, including the provision of strong regulatory and prudential oversight to ensure that the payment system is safe, efficient, competitive, and supportive of innovation.

“It is against this background that the Bank facilitated the enactment of the Payment Systems and Services Act, 2019 (Act 987). Among others, Act 987 seeks to provide a strong regulatory framework for the emerging digital payment environment”, he said.

“This includes establishing the critical supportive governance structures to promote orderly development of a safe and efficient payment ecosystem. Broadly, this underscores the reason for today’s launch of the Payment Systems”, he further stressed.

Advisory Committee.

The Payment Systems Advisory Committee under the Chairmanship of the Governor, as stated under Section 4(2) of Act 987, is required to advise the Bank on regulation and oversight of the payment systems, operational and technical stands of the payment systems, and any other matters affecting payment services clearing and settlement of payments.

The Governor, who is the chairman of the committee noted that the Act stipulates the membership of the Advisory Committee in which the selection process involved extensive deliberation and careful consideration of the strategic fit of the organisations and individuals.

He assured that the committee would harness the expertise of stakeholders through the establishment of working groups on the various thematic areas of the payment systems operations for effective discharge of their responsibilities.

Names of the advisory committee includes;

  1. Mr. Sampson Akligoh – Ministry of Finance
  2. Mr. Archie Hesse – Ghana Interbank and Settlement Systems (GhIPSS)
  3. Ms. Evelyn Essien – Securities and Exchange Commission (SEC)
  4. Ing. Kenneth Ashigbey – Ghana Chamber of Telecommunications
  5. Mr. Samuel Sarpong – Ghana Association of Bankers
  6. Mr. Kwaku Kyei Ofori – National Information Technology Agency (NITA)
  7. Mr. Charles Atuahene – Association of Ghana Industries (AGI)

Source: Eric Nii Sackey || ghananewsonline.com.gh

 

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