December 6, 2022

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BoG points 176 cost services between 2016 and 2021

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This week, the Financial institution of Ghana has issued a complete variety of 176 services within the cost system ecosystem between 2016 and 2021.

Fifty-five (55) Remittance Companies, forty (40) cellular banking companies, and twenty (20) card issuance companies make up the rising variety of cost services, with seventeen (17) company banking and eleven (11) cellular cash companies a part of the checklist.

The 12 months 2017 recorded the very best variety of issued services of 38, adopted by 2019 (37) and 2020 (32), whereas, in 2021, the Financial institution authorised 26 services for monetary establishments.


These authorised services have been primarily in-bound remittances, cellular banking companies, card issuance, and digital microloans. Others embody banking companies, POS and ATM buying companies, distant account opening, WhatsApp/chat banking and Fast Response (QR) code.

BoG survey reveals 26 cost service suppliers had no Board Constitution

In the meantime, a survey performed by the Financial institution of Ghana (BoG) on 26 Cost Service Suppliers (PSPs) which have utilized for a provisional license has revealed that the majority of them had no Board Constitution in place to information their actions and the features of the administrators.

Additionally, there was no proof of board conferences and oversight of a few of these entities.

In some situations, the board as constituted and shared with the Central Financial institution had not been practical to undertake their fiduciary duties to the establishments on the time of the go to.

Some inconsistencies have been additionally famous in key administration personnel on the publish, with their names submitted to the Central Financial institution as a part of the licensing software.

Once more, some establishments shared essential roles with their group firms. Most of those roles have been held by workers who lived in different nations apart from Ghana.

The banking business regulator identified that the entities’ employees had little or no coaching on areas corresponding to AML/CFT, provisions of the Cost Methods and Companies Act 987, the Financial institution’s Client Recourse Mechanism Pointers 2017, and cyber safety and knowledge safety administration. The inner management buildings of some firms have been additionally insufficient.

The Central Financial institution undertook the readiness evaluation examination on a number of establishments as a part of the licensing software assessment course of.


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