Dr. Ernest Addison, Governor of the Bank of Ghana (BoG) has assured it’s stakeholders that, its outfit will not disclose the details of customers’ mobile money transactions to any other party as customers’ privacy remains a fundamental right that must be protected.
The central bank’s position could throw a spanner in the works of the National Communications Authority, which is seeking to monitor the telecoms revenue through its controversial Common Monitoring Platform.
Speaking at the launch of the second phase of the mobile money interoperability project, Dr. Addison said the Bank of Ghana remains sole regulator of the mobile money industry and as such will not volunteer details of customers’ transactions – as this would constitute a breach of privacy.
The Ministry of Communications, which has the telecoms regulator (NCA) under its supervision, gave an ultimatum to the mobile money companies (MTN Mobile Money, AirtelTigo and Vodafone Cash) to allow their systems to be connected to, by KelniGVG which manages the Common Monitoring Platform.
However, the latest remarks by the Governor not only reaffirm the Bank’s position as regulator of the mobile money industry but also shreds assertions made by the Communications Ministry to the effect that the mobile money industry comes under the NCA.
“The Bank of Ghana has a key responsibility to safeguard the financial system’s integrity to underscore the trust that is central to financial deepening and development.
“It is therefore critical to ensure the confidentiality of transactions, privacy of data collected by operators in this space (including personal and financial data), the security of transactions, and smooth operations of all stakeholders and regulators providing complementary services in this space,’’ the Governor said.