Passengers of commercial vehicles “tro-tro” will soon be paying their transportation through digital means.
This will be after the passage of Payment System and Service Bill is passed by Parliament.
According to the Deputy Governor, of Bank of Ghana Dr Maxwell Opoku Afari, passengers who board tro-tro will just need the mobile money number of the driver to do the transaction.
“This innovation will curtail the occasional scuffle between passengers and conductors over few Cedis change,” he said.
Dr Afari mentioned that the regulation would allow most traditional payments to be done digitally and would change payment in Ghana.
He also mentioned that this initiative will help reduce queues at the banking halls.
“Last year, we organised a stakeholders forum to discuss and review the Electronic Management Guidelines and Payment System Act and consolidated it into one piece of legislation which is now called the Payment System and Services bill.”
“We have met the economic management team to make a case for the passage of the bill,” he added.
The Bill therefore seeks to promote the availability and acceptance of electronic money and other forms of payment services as retail payment medium.
It also seeks to create an enabling regulatory environment for convenient, efficient and safe retail payment and funds transfer mechanisms as well as provide the necessary safeguards and controls to mitigate the risks associated with electronic money business and other payment services.
The Deputy Governor said the Bank of Ghana had observed that the public had shown interest and appreciated recent innovative ways using technology to transact business.
According to him the institution of electronic money issuance guidelines payment system, in 2015 which sought to promote and supervise electronic and other payments, will help in funds transfer, clearing and settlement systems.
He added that, it will also help the Telecom’s to collaborate with banks to provide financial service to people especially SMEs.