BoG Directs Financial Institutions To Accept Ghana Card As Sole Identity Card

The Bank of Ghana has directed all its licensed and regulated financial institutions to accept solely the Ghana Card as the identification card for financial transactions from July 1, 2022.

The specified financial institutions include banks, specified deposit-taking institutions, payment service providers and dedicated electronic money issuers, and for example Forex Bureau and Credit Reference Bureaus.

This is in furtherance of ensuring the safety of the financial system of the Bank of Ghana pursuant to Regulation 7 of the National Identity Register, 2012 (L.I 2111).

“With effect from 1st July 2022, the Ghana card shall be the only identification card that will be used to undertake transactions at all Bank of Ghana licensed and regulated financial institutions including banks; specified deposit-taking institutions; payment service providers, and dedicated electronic money issuers; and for example Forex Bureau and Credit Reference Bureaus”, the BoG said.

As such, financial institutions are charged to update customer records with the Ghana Card.

Additionally, BoG announced that the National Identification Authority (NIA) verification transaction platform will be integrated into the Bank of Ghana’s financial monitoring platform for purposes of Know Your Customer (KYC).

“This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BOG) to facilitate the identification of initiators/beneficiaries for track and trace purposes.

“This will include but not be limited to banks, nonbank financial institutions, and Mobile Money Operators (MMOs)”, a statement signed by the secretary of the BoG Sandra Thompson said.

Source: opemsuo.com/Hajara Fuseini