BoG approves 13 remittance products for 8 banks

The Bank of Ghana (BoG) has announced that during 2018, thirteen (13) remittance products were approved for eight banks to enable them partner 10 Money Transfer Organisations (MTOs) to lodge inward remittances into bank accounts, mobile money wallets or cash pick-up over the counter.

In the same year, the BoG said it approved 27 products and services for 16 financial institutions compared with a total of 16 and 38 products and services approved in 2016 and 2017 respectively.

“The approved products were in-bound remittance, agency banking, mobile money, card issuance, mobile banking, and mobile money pension services. The breakdown of the products and services approved by the Bank from 2016 to 2018,” the central bank said in the Payment Systems Oversight Annual Report, 2018, compiled by the Payment Systems Department BoG.

It added: “During the year, 13 remittance products were approved for eight banks to partner 10 Money Transfer Organisations (MTOs) to lodge inward remittances into bank accounts, mobile money wallets or cash pick-up over the counter.

“United Bank for Africa (Ghana) Limited (UBA), Barclays Bank (Ghana) Limited (BBG), Access Bank (Ghana) Limited (ABL), and Zenith Bank (Ghana) Limited (ZBG) were granted approval to lodge inward remittances into bank accounts, mobile money wallets or both.

“Cal Bank (Ghana) Limited, Ecobank (Ghana) Limited, First National Bank (Ghana), and Beige Bank Limited obtained the Bank’s approval to engage registered Oil Marketing Companies (OMCs), pharmaceutical shops, general merchants, Fast Moving Consumer Goods (FMCG) distributors and retailers as agents, to extend banking services to the general public.

“The agents provided basic banking services such as cash deposits and withdrawals, account opening, airtime purchases, and bill payments.”