BoG Act 612 failed to provide enough scope for digital payment – Report

The Payment Systems Oversight Annual Report, 2018 compiled by the Payment Systems Department Bank of Ghana, has noted that the Bank of Ghana Act 2002(Act 612), and the Payment System Act 2003(Act 662) did not provide adequate scope and coverage for emerging digital payment landscape.

This, according to the report, necessitated the passage of the Payment Systems and Services Bill by Parliament and also the introduction of Guidelines for Electronic Payment Channels in 2018.

The report said: “The Bank of Ghana Act 2002(Act 612), Payment System Act 2003(Act 662) and Guidelines for Electronic Money Issuers (2015) provided sound regulatory basis for the payment system."

“These regulatory frameworks, however, did not provide adequate scope and coverage for emerging digital payment landscape and have necessitated the passage of the Payment Systems and Services Bill by Parliament and also the introduction of Guidelines for Electronic Payment Channels in 2018.”

It added: “The Bank promoted the Payment Systems and Services Bill to enhance safe and secure digital payments. The Bill was submitted to Parliament for consideration and, at end-December 2018, was at the second consideration stage."

“Digital payment, during the review year, was also supported with the drafting of the Guideline for Electronic Payment Channels."

“The Guideline aims at assisting payment service providers in the deployment and management of electronic payment channels in a manner that engenders customer trust in digital payments.”