Update Of Bank Records With Ghana Card Deadline Elapses
The deadline for the Bank of Ghana’s directive for financial institutions to update customers’ bank details with the Ghana card will elapse today, the last day of June 2022.
It will be recalled that on January 19, 2022, the bank of Ghana issued a statement directing all licensed and regulated financial institutions to accept solely the Ghana Card as the identification card for financial transactions from July 1, 2022.
Additionally, it charged financial institutions to update customer records with the Ghana Card.
The central bank earmarked the specified financial institutions as banks, specified deposit-taking institutions, payment service providers and dedicated electronic money issuers, and for example Forex Bureau and Credit Reference Bureaus.
“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.
This, the BoG said, 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).
It added 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
