Efforts to see increased usage of domestic scheme cards are yielding results, as about 17 universal banks now issue the cards to their customers. The Bank of Ghana and three savings and loans companies also issue the cards, according to the Ghana Interbank Payment and Settlement Systems (GhIPSS). The domestic scheme cards are cards issued by banks locally, and the...
The Total Value of reported fraud cases in the banking industry witnessed substantial increase last year to hit ¢1.0 billion, data from the Bank of Ghana has revealed. This is compared to ¢115.51million recorded in 2019. According to the Central Bank, the notable increase in the value reported was as a result of high values recorded in attempted correspondent banking fraud...
The Bank of Ghana has won an arbitration brought against it by Sibton Switch Systems Limited (“Sibton Switch”) regarding the termination of the Master Agreement for the Ghana Retail Payment Systems Infrastructure in 2017. Per the ruling by a Tribunal constituted under the auspices of the London International Court of Arbitration (LCIA), Sibton Switch has been ordered to make a...
Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has urged the new board of the Bank of Ghana to among other things strengthen the Central Bank’s enforcement and regulatory mechanisms. This follows the swearing-in of the board and a call by President Nana Akufo-Addo for the board to interrogate and resolve the...
