Parliament To Pass Payment Systems and Service Bill By End Of June

The Bank of Ghana (BOG) says it expects the Parliament of Ghana to pass the Payment Systems and Services Bill by the end of June this year.

The current phase of the bill has been in Parliament for the last 2 years.

If and when the bill is passed into law, it will help strengthen the regulatory environment and provide additional support for non-banks to establish, and operate businesses offering electronic payment services.

The Bill will also help promote innovation in the design of new secure electronic money products and payment services and also engender competition in the electronic money business.

The head of Payment Systems at the BOG, Dr Settor Amediku said, “It’s going to introduce a lot of competition in the sense that non-banks are going to be licensed by the Bank of Ghana to provide payment services like the Banks. So Banks that are not ready to innovate are going to find it difficult to mobilize data and increase their income”.

Advantages Of Payment And Services Bill

The Bank Of Ghana and the government of Ghana have been pushing for a more “cashless” society in recent years. The mobile money interoperability project, which allows users of mobile money to easily send money to other networks, was made public last year.

Mobile money transactions 2017 to 2018, increased from 155 billion cedis to 223 billion cedis.

The Payment and Services Bill also allow the local banks to issue electronic money like the telcom companies.

Payment Systems And Bills Draft 2017