Favourable regulatory environment created for FinTech growth in Ghana, says Dr Addison
Dr Ernest Addison, Governor of the Bank of Ghana (BoG), has confirmed the central bank’s commitment to supporting the growth of the fintech sector.
During a speech at the Ghana Fintech Awards 2022, he highlighted the favorable regulatory environment created by the bank, including guidelines for inward remittance by payment service providers, the new merchant account categories notice, and the regulatory sandbox.
Additionally, the bank is evaluating a pilot of a digital version of the Ghanaian cedi (eCedi) to increase financial inclusion and promote digital payments as an alternative to cash.
The Bank of Ghana (BoG) on Thursday, January 26, opened applications for the registration and admission of the first cohort of banks, FinTechs, SDIs, payment service providers, non-bank financial institutions and all innovators under its regulatory SandBox Programme.
Per a notice issued by the Central Bank on Thursday, January 26, 2023, registration and admission into the programme begins February 13, 2023 to March 14, 2023.
According to the Central Bank, the Sandbox Programme will support innovations in areas such as:
- New digital business models mot currently covered explicitly or implicitly under any regulation
- New and immature digital financial service technology
- Innovative and disruptive digital financial service products that have the potential of addressing a present financial inclusion challenge.
“FinTechs are encouraged to avail themselves of the cohort announcement to pilot their innovations.
“Besides these measures, the Bank is keen on the issuance of a digital version of the Ghanaian cedi, and it is currently analysing the pilot data to map up strategy for the next steps of the eCedi project.
“This is part of the Bank’s agenda to promote innovative and affordable digital financial services as a means of expanding financial inclusion and encouraging the use of digital payment as an alternative to cash.
“In addition, the eCedi is designed to enhance operational efficiency and cost-effectiveness in payments, and provide a safe, secure, and trustworthy alternative to privately issued digital currencies,” he remarked at the Ghana Fintech Awards 2022 on Monday, January 30.
Adding that, the Bank of Ghana will continue to work with FinTechs to ensure that financial services are provided to all Ghanaians, regardless of their income or location by encouraging and providing a conducive regulatory environment.
