The Bank of Ghana has been named RegTech of the Year at the Ghana FinTech Awards 2022 for its efforts in promoting responsible innovation in the financial services sector. The Bank of Ghana was recognised for its consistency in formulating appropriate regulations to support new and innovative service offerings in the financial services industry.
The awards ceremony, organised by the Ghana FinTech and Payments Association in collaboration with KPMG, was held on Friday, January 27, 2023, and aimed to acknowledge the efforts and achievements of individuals and entities driving last-mile solutions.
The Bank of Ghana has been playing a significant role in promoting innovation and growth in the Ghanaian FinTech industry. Government has been taking steps to promote innovation and growth in the sector, and the BoG has been working tirelessly to ensure that the regulatory framework is conducive to innovation and growth in the industry.
One of the Bank’s key initiatives is establishing the FinTech and Innovation Office (FIO) in 2019. The FIO provides a platform for collaboration between the central bank, FinTech companies and other stakeholders in the ecosystem. The FIO also provides support for the development of innovative financial products and services.
The BoG also introduced the Payment Systems and Services Act, 2019 (Act 987) to provide a legal framework for the regulation and oversight of payment systems and services in Ghana. The Act aims to promote innovation, competition and consumer protection in the payment services industry.
In addition, the BoG launched a Regulatory Sandbox in 2019 to provide a controlled environment for FinTech companies to test innovative products and services before they are launched into the market. The Sandbox allows FinTech companies to test their products and services without being subject to full regulatory requirements.
The Bank of Ghana has been issuing licences to electronic money issuers and payment service providers to promote competition and innovation in the payment services industry. The licences provide a regulatory framework for the operation of these companies and help to ensure consumer protection.
The Ghana Instant Payment System (GhIPSS) was introduced by the Bank of Ghana in 2007 to facilitate electronic payments and money transfers in Ghana. The platform supports various payment channels, including mobile money, Internet banking and POS transactions.
These initiatives have helped to position Ghana as a leader in the African FinTech space. The BoG’s efforts have contributed to growth of the FinTech industry in Ghana and increased financial inclusion across the country.
The Bank of Ghana is committed to promoting responsible innovation in the financial services sector, and this award is a testament to its efforts in achieving this goal. The Bank of Ghana’s initiatives have created a conducive environment for innovation and growth in the FinTech industry of Ghana.
