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USE OF GHANA CARD FOR ALL FINANCIAL TRANSACTIONS EFFECTIVE JULY 1 – BANK OF GHANA

The Bank of Ghana has declared that, the use of Ghana cards for all banks transactions starts effective on July 1, 2022 and it will be use to undertake any transaction at all Bank of Ghana licensed and regulated financial institutions.

A statement released by the Bank Of Ghana monitored by oktranking.com stated that, the main reason for making this compulsory for all Ghanaian citizens is to ensure the safety of the financial system.

“In furtherance of its objective of ensuring the safety of the financial system, Bank of Ghana pursuant to Regulation 7 of the National Identity Register, 2012 (L.I.2111), hereby directs that with effect from 1st July, 2022, the Ghana card shall be the only identification card that will be to undertake transactions at all Bank of Ghana licensed and regulated financial institutions”. Said by Bank of Ghana (BoG)

The statement went further to come up with the list of some areas of the financial institutions. These financial institutions includes:

i. Banks
ii. Specialised Deposit-Taking Institutions
iii. Non Deposit Taking Financial Institutions
iv. Payment Service Providers and Dedicated Electronic Money Issuers
v. Forex Bureaus and Credit Reference Bureaus.

According to the statement signed by the secretary of Bank Of Ghana Sandra Thompson, after July 1, no other indentification cards apart form the Ghana card will be allowed to any financial Institutions for any transactions in this country.

In addition to that, the statement made a declaration to the Customers of Bank of Ghana regulated financial institutions to ensure that all customers of the financial Institutions updates their records with the Ghana Card with their respective institutions as soon as possible.

The statement declared to the public in Section 30, Act 1044 of Anti-Money Laundering Act, 2020 and Regulation 12, L.I. 1987 of Anti-Money Laundering Regulations, 2011, that all financial Institutions shall take all the neccessary steps to update customer records with the Ghana Card for KYC purposes.

“The National Identification Authority Verification transaction platform will be integreted into the Bank of Ghana’s financial monitorying platform. This is to ensure that all financial transactions performed within the ecosystem are link to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the indentification of initiators/beneficiaries for track and trace purposes”. Bank of Ghana (BoG) declared

In addition to the declaration, BoG said, Banks, Non Banks Financial Institutions, and Mobile Money Operators (MMOs) are all included but not limited to transactions.

By: Ice Moni|oktranking.com|Ghana|

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