Ghana card to be used for all financial transactions from July 1 – BoG

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Ghana’s Central Bank has directed that the Ghana Card be used for all financial transactions effective July 1, 2022.

According to the Bank of Ghana, the directive is in line with the Anti-Money Laundering Act.

A statement issued on Wednesday, January 18, 2022, said the move will ensure all financial transactions performed within the ecosystem are linked to one identity and information.

“In furtherance of its objective of ensuring the safety of the financial system, Bank of Ghana pursuant to Regulation 7 of the National Identity Register, 2012 (L.I. 2111), hereby directs that with effect from 1 July 2022, the Ghana Card shall be the only identification card that will be used to undertake transactions at all Bank of Ghana licensed and regulated financial institutions including:

  1. Banks;
  2. Specialised Deposit-Taking Institutions;
  • Non-Deposit-Taking Financial Institutions;
  1. Payment Service Providers and Dedicated Electronic Money Issuers;
  2. Forex Bureaus and Credit Reference Bureaus.

“Customers of Bank of Ghana regulated financial institutions are therefore advised to update their records with their respective financial institutions with the Ghana Card in line with this Notice.”

“For KYC purposes, the National Identification Authority (NIA)verification transaction platform will be integrated into the Bank of Ghana’s financial monitoring platform.”

“This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the identification of initiators/beneficiaries for track and trace purposes. This will include but not be limited to transactions by,” the BoG statement added.

SourceABC News

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