Governor of the Bank of Ghana (BoG), Dr Ernest Addison has urged Financial Technology companies (FinTechs) in the country to be compliant with the relevant laws, directives and policies of the Central Bank.
The strict compliance to the Bank’s policies and directives Governor Addison noted, is the only surest way FinTechs together with the Central Bank can build consumer confidence and trust in financial digitisation, as well as ensure sustainability in the delivery of financial products and services by FinTechs.
Dr Addison made the above assertions in his opening remarks at the official opening of the new head office building of indigenous FinTech company, Zeepay.
“With the massive investment in this new building, I will therefore urge the Management of Zeepay to set the tone in the Fintech sector with strict compliance to the regulatory framework,” stated Governor Addison.
Speaking further at the ceremony, Dr Addison noted the Central Bank is committed to harnessing the enormous potentials of technology to build safe, efficient and inclusive financial service industry in the country, citing the recent launch of the bank’s SandBox Pilot Programme.
“We have recognised the diverse business models of Fintechs and designed a licensing application pack that is based on proportionate regulation. Furthermore, we have established a regulatory and innovation sandbox to provide an appropriate environment to nurture innovative products, services and business models.”
“All these policies seek to assure payment service providers and customers that the Bank will continue to fashion out forward-looking policies to engender growth through competition, innovation, and continuous value-creation in the payment ecosystem,” stated Dr Addison.
Concluding his opening remarks Governor Addison urged management of Zeepay to work hard to maintain high standards of integrity, particularly in the areas of
corporate governance and regulatory compliance, to maintain public confidence in the company.
