Only Ghana Cards Will Be Accepted For Financial Transactions From July 1

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All financial institutions have been instructed by the central bank to accept only Ghana Cards for all transactions.

This decree, according to the Bank of Ghana (BoG), will take effect on July 1, 2022.

This is in accordance with Regulation 7 of the 2012 National Identity Register (L.I. 2111).

The Ghana Card will be the sole identity card that may be used to conduct transactions at all Bank of Ghana registered and regulated financial institutions starting July 1, 2022, according to a statement released on January 19.

Banks, Specialised Deposit-Taking Entities, Non-Deposit-Taking Financial Institutions, Payment Service Providers and Dedicated Electronic Money Issuers, Forex Bureaus, and Credit Reference Bureaus are among the institutions that may be affected.

The BoG also urged all institutions involved to make sure their databases are up to date with their clients’ Ghana card information.

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BoG is also trying to incorporate the NIA’s verification transaction platform into its monitoring systems for ‘Know Your Customer’ purposes, according to the announcement.

“This is to ensure that all financial transactions performed within the ecosystem are linked to a single identity and information, as well as unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the identification of initiators/beneficiaries for track and trace purposes,” the release reads in part.

“This is to ensure that all financial transactions conducted inside the ecosystem are linked to a single identity and information, as well as unique codes for transactions shared with the Bank of Ghana (BoG) to aid in the identification of initiators/beneficiaries for track and trace purposes.”

“Transactions by: i. Banks; ii. Non-bank Financial Institutions; and iii. Mobile Money Operators (MMOs)” will be included, according to the BoG.

SOURCES: https://www.myjoyonline.com/only-ghana-card-will-be-accepted-for-financial-transactions-from-july-1-bog/