The Bank of Ghana, has directed companies engaged in online and digital transactions including MoMo Operators and Fintechs to acquire an operating license by June, 2020.
The acquisition of the license is one of the requirements in the Payment Systems and Services, 2019( 987 Act).
The Act was passed in March, 2019 to ensure the effective monitoring and regulation of digital transactions.
Statistics from the Bank of Ghana indicates that while mobile money accounts have increased to 32million, bank accounts currently stand at 12 million with majority being inactive.
Speaking to the issue, Head of Payment Systems Department of the Bank of Ghana, Dr. Settor Amediku said consumer protection issues have gained prominence in the digital financial service on account of complexity of the digital ecosystem and for this reason, regulatory guidance is required for effective consumer protection.