Ghana gets payment systems advisory committee

Ghana gets its first-ever Payment Systems Advisory Committee to guide the Bank of Ghana on regulation and oversight, operational and technical stands of the payment systems, and any other matters affecting payment services clearing and settlement of payments.

For effective discharge of its responsibilities, the Advisory Committee will harness the expertise of stakeholders through the establishment of working groups on the various thematic areas of the payment systems operations.

Inaugurating the Committee, the Governor of Bank of Ghana (BoG), Dr Ernest Addison said the formation of the committee marked an important milestone in the history of the development of payment systems.

“Today marks another landmark in our journey to develop a safe, efficient, competitive, and inclusive payment system for Ghana. As we all know, payment systems are essential components of a modern economy. It is imperative, therefore, that stakeholders must plan, design, and implement payment systems reforms in a holistic manner.”

He said the payment system infrastructure had witnessed a rapid transformation over the last twenty years with the establishment of the Ghana Interbank Payment and Settlement Systems (GhIPSS) with a mandate to oversee all interbank payment and processing activities.

Dr Addison said the implementation of the mobile money interoperability system was another significant achievement within Ghana’s payment ecosystem.

The interoperability system has enabled seamless funds transfer across platforms of electronic money issuers, on one hand, and between mobile money ecosystem and bank accounts on the other. This interconnectedness has laid the foundation for the efficient delivery of digital financial services and the scaling up of financial inclusion.

He said the increasing digitisation of the payment systems landscape has also provided an opportunity for financial technology firms (Fintechs) to create innovative products and services that meet the needs of various customer types at affordable costs, which is critical for financial access.

“Without a doubt, the payment system is of systemic importance and engenders financial inclusion. Therefore, the Bank of Ghana will continue to strengthen the supportive structures, including the provision of strong regulatory and prudential oversight to ensure that the payment system is safe, efficient, competitive, and supportive of innovation,” Dr Addison added.