The payment system landscape witnessed significant changes on account of the growing role of financial technology firms. The development is attributed to conscious efforts by Government and Bank of Ghana to promote digital payments as alternative to cash; and customers demand for fast, convenient and efficient payments.
A survey conducted by the department revealed that there are currently seventy-one (71) FinTechs providing both front and back end services to the banking sector.
The other main developments during the year were legal and regulatory reforms, airtime use for payment of insurance premium, agent registry, mobile money interoperability, migration of magnetic strip cards to EMV standard and support for National Identification Authority.
The Bank also through the Payment Systems Department obtained assistance from FSD Africa, United Kingdom DFID funded institution that aims at reducing poverty across sub Saharan Africa by building financial markets that are efficient, inclusive and robust.
