BoG establishes new office to regulate FinTech operations

The Bank of Ghana has established a new office to oversee the growth and regulation of financial technology (FinTech) and innovation in the country.

The new FinTech and Innovation Office by the BoG will be responsible for licensing and oversight of dedicated electronic money issuers (mobile money operators), payment service providers (PSPs), closed loop payment products, payment support solutions and other emerging forms of payment delivered by non-bank entities.

In a release issued on Tuesday, May 5, the bank said the emergence of FinTech solutions had introduced complexities that required the sector supervisor’s focus, to understand and supervise effectively.

“The office will also develop policies to promote FinTech, innovation and interoperability in Ghana,” the BoG statement added.