Last week, the Bank of Ghana outlined its digital strategy for 2019 through 2024.
The Bank Of Ghana’s strategic plan, termed “National Payment Systems Strategic Plan (2019-2024)”, sets the regulator’s policy direction and guidelines that will promote an enabling environment to develop the Ghanaian payment and financial systems. It leverages on opportunities provided by digital technologies to promote competition, efficiency, innovation, and financial inclusion within the payment ecosystem.
The Bank of Ghana in its strategy plan stated that it had accomplished goals outlined in its 2014 strategic roadmap. Some of those accomplishments include:
- Establishment of a Payment Systems Advisory Committee which advises the
Bank on payment system issues; - Implementation of GhIPSS Instant Pay (GIP) which allows payments to be sent
across financial institutions electronically from one bank account to another; - Introduction of gh-Link card which interconnects financial institutions and
systems of third party providers; and - Migration of payment cards to EMV1 chip and PIN standards
New Goals And Policies
The Bank Of Ghana outlined its main strategic objectives for its 2019-2024 National Payment System Strategy and they include:
- Fostering efficient payments;
- Improveing financial inclusion; and
- Enhance financial innovations
Some of the policies in the strategy include Open Banking which involves engaging with banks and stakeholders to develop a roadmap for data sharing and put out a standard for data sharing for consumers.
Open Banking is currently a policy in most European countries which allows customers to transfer their banking data over to a new bank or allow their records to be accessed by third-party fintechs.
Other policies include an “Account Number Portability” policy which one would assume would enable bank customers to retain their bank account numbers if they switch to a new bank.
None of the policies have a firm deadline but the Bank of Ghana is looking to have these policies achieved by 2024.
You can read the Bank Of Ghana’s new strategy here.
