"Ghana Card: NIA urged to register more people following BoG directive to banks, SDIs, others"

" \n Ghana Card: NIA urged to register more people following BoG directive to banks, SDIs, others \n \n\n \n Global Investment Analyst, Mr Patrick Abankwa Baah, has urged the National\u00a0Identification Authority\u00a0(NIA) to register as many people as possible for the directive of the Bank of Ghana to be effective. \n \n\n \n The comment by Mr Abankwa Baah follows the new directive given by the Bank of Ghana (BoG) to begin accepting the Ghana Card as the only form of identification in financial transactions from July 1, 2022. \n \n\n \n He indicated failure by the NIA to register more people, will make financial inclusion difficult for some Ghanaians. \n \n\n \n The BoG on Wednesday, January 19, directed that the Ghana Card shall be the only identification card to undertake transactions at all Bank of Ghana licensed and regulated financial institutions. \n \n\n \n These include Banks; Specialised Deposit-Taking Institutions; Non-Deposit-Taking Financial Institutions; Payment Service Providers and Dedicated Electronic Money Issuers; Forex Bureaus and Credit Reference Bureaus. \n \n\n \n In line with this Notice, Section 30 of the Anti-Money Laundering Act, 2020 (Act 1044) and Regulation 12 of the Anti-Money Laundering Regulations, 2011 (L.I.1987), all financial institutions shall take steps to update customer records with the Ghana Card. \n \n\n \n Read: SOAAG Executive defends demurrage charges in Ghana \n \n\n \n Customers of Bank of Ghana regulated financial institutions are therefore advised to update their records with their respective financial institutions with the Ghana Card in line with this Notice. \n \n\n \n For KYC purposes, the\u00a0National Identification Authority\u00a0verification transaction platform will be integrated into the Bank of Ghana\u2019s financial monitoring platform. This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the identification of initiators\/beneficiaries for track and trace purposes. \n \n\n \n This will include but not limited to transactions by Banks; Non-bank Financial Institutions; and Mobile Money Operators (MMOs). \n \n\n \n \u201cThe Public is to note that no other form of identification will be accepted for financial transactions in Bank of Ghana after the effective date stated above,\u201d a statement issued by the central bank said. \n \n\n \n Speaking on the new development, Mr Abankwah Baah said, \u201cWe accept the voter card, we accept the NHIS , we accept the Ghana Card and we even accept the drivers license but it is time that we consolidate all of these cards into one, which will be accepted by all.\u201c \n \n\n \n \u201cFor me, this call has two effects; it has the positive and negative effects. The July deadline is, for me, good but if the NIA does not take time to register the people that are still in the system then it is going to be a bit of challenge with the financial inclusion exercise on the part of the Bank of Ghana. \n \n\n \n \u201cSo, we have to ensure that as many Ghanaians as possible in the age bracket gets access to the card so that they can hold their bank accounts where ever they are. \n \n\n \n \u201cThe positive side of this is that it will give banks the leverage to be able to to have confidence in their customers because the Ghana Card is is now linked to all other cards including your SSNIT and driving license so when Banks are giving out loans they have confidence that customers will not be able to run away with their money,\u201d he stated. \n "

"Ghana Card: NIA urged to register more people following BoG directive to banks, SDIs, others"

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