The Bank of Ghana (BoG) has introduced an online payment service for the web-based collateral registry system.
The online payment system affords clients of the collateral registry – borrowers – the option to pay for services rendered via mobile money, Visa or MasterCard.
It is also to address the inconveniences associated with the existing pre-paid mode payment to the BoG.
The current modes of payment for the use of the registry system that serves both lending institutions and borrowers are the post-paid mode and pre-paid mode which requires a deposit to be made at the BoG.
The Ghana Collateral Registry System as established by the BoG on February 1, 2010, under the statutory mandate of the Borrower’s and Lenders Act, 2008 (Act 773) is aimed at registering charges and collaterals created by borrowers to secure credit facilities provided by lenders.
This was pursuant to the BoG’s mandate to regulate, supervise and direct the banking and credit system and ensure the smooth operation of the financial sector.