Ghana’s Central Bank, The Bank Of Ghana (BOG) has issued a new directive to inform all financial institutions in the country as well as the general public about its new plans regarding the use of Ghana Card.
In a new statement released by BOG, dated Wednesday, January 19, 2022, signed by SANDRA THOMPSON, it made it clear that starting from Friday, July 1st, 2022, Ghana Card will be the only form of identification to be accepted and used in banks all over the country to undertake transactions.
All Bank of Ghana licensed and regulated financial institutions including Banks, Specialised Deposit-Taking Institutions, Non-Deposit-Taking Financial, Institutions, Payment Service Providers and Dedicated Electronic Money Issuers, Forex Bureaus and Credit Reference Bureaus will be affected by this and are to abide by the directive.
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Ghana Card Banks For Transactions: Bank of Ghana in its statement has also directed all financial institutions to ensure that they take the required steps to update their customer’s records with the Ghana Card.
The statement also urged customers of the financial institutions to also visit and do the needful by updating their records with the Ghana Cards in line with this notice.
Per the statement, the National Identification Authority verification transaction platform will however be intergrated into the Banks of Ghna’s financial monitorting platform 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.
This will include but not limited to transactions by the following institutions.
- Banks;
- Non-bank Financial Institutions; and
- Mobile Money Operators (MMOs).
The Public is to note that no other form of identification will be accepted for financial transactions in all Bank of Ghana regulated financial institutions after the effective date stated above.
BOG Notice BG GOV SEC 2022 01 Notice on Use of Ghana Card for all Financial Transactions
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