The Bank of Ghana has said companies engaged in online or digital transactions including Mobile Money Operators and fintechs, have up to June 2020 to acquire their licenses to enable them to operate in the electronic payment space.

The Bank of Ghana has said companies engaged in online or digital transactions including Mobile Money Operators and fintechs, have up to June 2020 to acquire their licenses to enable them to operate in the electronic payment space.
The acquisition of the license by these companies is one of the requirements in the Payment Systems and Services, 2019 (987Act).
The Act was passed in March this year, to ensure effective monitoring and regulation of digital transactions following an increase in such services.
Statistics from the Bank of Ghana show that while mobile money accounts have increased to 32 million, Bank accounts currently stand at 12 million with a lot of them being inactive.
“Consumer protection issues have gained prominence in the digital financial service on account of the complexity of the digital ecosystem. For this reason, regulatory guidance is required for effective consumer protection,” Head of Payment Systems Department at the Bank of Ghana, Dr. Settor Amediku, said at the 23rd National Banking Conference organized by the Chartered Institute of Bankers.
The Bank of Ghana has, therefore, stepped up the monitoring of digital transactions with the introduction of a database called the Visor.
To me, I ask is Visor a company or a technology software? that was my question as someone who is interested in infotech, I did a google search and I found a company called: Visor, so Visor is a company based in Ireland, I was able to gather some information about Visor from their website.

Vizor Software is the global leader in SupTech solutions for Financial Supervisors and cross-border information exchange for Tax Authorities.
The Vizor will enable the Bank of Ghana to monitor real-time all electronic transactions of banks.
Dr. Amediku says they are already in talks with the banks to facilitate the introduction of the database.

“Vizor will provide end-to-end solutions that permit the bank to collect, process, store as well as report on macro and micro-prudential data, statistical data or any other data required as part of the supervisory process.”
SOURCE: GhanaWeb
Vizor Software
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