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The Bank of Ghana directs fintechs and MoMo operators to acquire license by June 2020

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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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Ghana

The 2nd Ghana Tech Summit Takes Place On December 13 – 14

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The 2nd Annual Ghana Tech Summit will be hosted on December 13-14, 2019 at the Accra International Conference Centre. Ghana Tech Summit brings together hundreds of entrepreneurs, investors, digital marketers and creatives under one roof to address humanity’s greatest challenges via technology and entrepreneurship.

Each year 100 global speakers will convene alongside 1000+ attendees to re-position Africa as the next and final frontier of innovation, it is a part of a 12-year initiative of the Global Startup Ecosystem-the first and largest digital accelerator that accelerates 1000 companies to market annually across 190+ countries entirely online.

Ghana Tech Summit was launched in 2018 with 100 speakers and 1000 attendees featuring pioneers from leading companies such as Google, Facebook, Uber, Twitter, IBM, Microsoft. Previous speakers were Jack Dorsey (Twitter) Tim Draper (Billionaire VC), Ben Horowitz (Andreessen Horowitz), President Jovenel Moise (President of the Republic of Haiti) and many more.

This year’s summit returns with over 50 media representatives from Forbes, Inc Magazine, Fast Company, Black Enterprise, NY Times in attendance with the new theme: “Year of Return- Redefining the Future of Africa”.

RSVP via www.ghanatechsummit.com.

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Ghana

Government to launch Universal QR Code in December

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The Vice President of Ghana Dr. Mahamudu Bawumia says the government will launch a Universal QR Code in December to leverage on digital technology for electronic payment.

He said the QR Code would allow businesses and traders to undertake electronic transactions without Point of Sale devices.

Vice President Bawumia announced this at the third Chamber Business Awards organized by the Ghana National Chamber of Commerce and Industry in Accra over the weekend, next month, Ghana will launch the Universal QR Code which will just leverage on the technology that we have built for electronic payments.

Essentially, all businesses and traders will no longer need Point of Sale (PoS) devices, but rather, their mobile phones will be sufficient for them to receive and make electronic payment transactions,” he explained.

He noted that Singapore, China, and the United Kingdom had already launched the Universal QR Codes last year, therefore Ghana would become the first country in Africa to do so.

Vice President Bawumia said the government’s vision of digitizing the Ghanaian economy to make it globally competitive. He noted that data was the “new oil” in the Fourth Industrial Revolution, which enabled the government and businesses to take the right decision.

Government’s paperless systems agenda, although it’s great that the government wants to push for a cashless society, my question is do we have the right infrastructure and policies to make it work? Who knows since we don’t know all the details, so it’s hard to break it down. we would keep our fingers crossed and wait to see want happens. 

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