BoG hints of licensing policy to improve digital operations of banks

The Bank of Ghana has hinted of plans to institute a licensing policy towards improving digital banking operations of financial institutions.

According to Governor of the central bank, Dr Ernest Addison, the banking industry, in general, is fast gearing towards a digital approach to improve service delivery.

“We think that digital payment is the way to go and we’re looking at the licensing policy for digital banks and its one the things the central bank is working on.”

Dr Ernest Addison made this known at a press conference of the central bank's 97th Monetary Policy Committee meeting.

The emergence of the Coronavirus pandemic has led banks to innovate and implement technology into their daily operations.

Meanwhile, President of the Ghana Institute of Bankers, Patricia Sappor, has also revealed plans to launch the Ghana Banking Code of Ethics in collaboration with the Bank of Ghana, the Ghana Association of Bankers and the Chartered Institute of Bankers.

“The Ghana Banking Code of Ethics is a collaboration between Bank of Ghana, the Ghana Association of Bankers, and the Chartered Institute of Bankers coming together with the endorsement of the government under ACT 991 to further reinforce confidence in the banking sector by way of ensuring ethical behaviour by all staff members in the banking sector,” she earlier disclosed.