SIM Card registration to help centralize KYC data – 1st Dep. Governor
First Deputy Governor of the Central Bank, Dr Maxwell Opoku-Afari, has said the Bank of Ghana (BoG) is in full support of the ongoing SIM Card re-registration exercise.
According to him, the SIM Card re-registration exercise is necessary as it will ensure that Know Your Customer (KYC) data for financial institutions is centralised.
Adding that, the centralisation of KYC data, will boost delivery of financial services devoid of fraud, theft and opportunities for money laundering and terrorism financing.
Speaking at the 2nd Standard Chartered Digital Banking, Innovation & Fintech Festival 2022, Dr Opoku-Afari noted, the SIM Card re-registration exercise is in fulfilment of the mandate of the National Payments Infrastructure Roadmap which the Bank of Ghana in collaboration with the Ministry of Finance, Ministry of Communications and other relevant stakeholders have been working rigorously together, to set the foundational digital infrastructure base of the economy in place.
“To fulfill the mandate in the National Payments Infrastructure Roadmap, the Bank of Ghana in collaboration with the Ministry of Finance, Ministry of Communications and other relevant stakeholders have been working rigorously together to set the foundational digital infrastructure base of the economy in place. The ongoing sim-card registration exercise being championed by the National Communication Authority which has our full support, will ensure the centralization of KYC data to boost delivery of financial services devoid of fraud, theft and opportunities for money laundering and financing of terrorism,” he stated.
“The consumer should be at the center of our collective efforts. As such, the Bank will not relent on its effort to protect them,” he added.
Speaking further at the event and touching on the eCedi, Dr Opoku-Afari noted the piloting of the eCedi has unearthed useful insights on the impact of the initiative of the Bank, which will prove instrumental in the event of a full-scale deployment.
Concluding his remarks, the First Deputy Governor reassured players in the digital financial service ecosystem that, the Bank of Ghana remains resolute in its commitment to the cash-lite agenda.
“I also encourage you all to take advantage of the opportunities that Bank of Ghana has presented to the space to encourage innovation,” he quipped.
The 2nd edition of Standard Chartered Bank’s Digital Banking, Innovation and Fintech Festival 2022 themed “Powering Africa’s Digital Economy: Platforms | Players | Policy”, focuses on Africa’s digital transformation by engaging local and international players who are powering Africa’s digital transformative agenda.
The 2022 Fintech Festival features a series of plenary sessions that will explore the opportunities for co-creation by industry players to embrace digitization and the extent to which platforms and payments are currently creating value and helping industry players to be agile amidst the disruption.
Further more, in a session dedicated to women in technology, participants will discuss the urgent need for women-owned businesses to tap into the enormous opportunities offered by technology adoption and explore investment opportunities to help female owned businesses scale further and faster.
In addition to a great line up of insightful panel sessions, this year, in line with its brand promise to be “Here for good”, Standard Chartered has curated an exciting innovation and lab crawl as well as a Fintech Exhibition with participating Fintechs from Singapore, UK, Africa and Ghana.
