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...
This was largely driven by the food sub-sector which contributed 47 per cent to overall inflation. This was followed by the transport sub-sector which also contributed 14.3 per cent. The Government Statistician, Professor Samuel Annim, who announced the figures at a press conference in Accra on Wednesday said “more than three-quarters of the rate of inflation recorded in July 2021 was...
Mr Eli Hini, Chief Executive Officer of Mobile Money Limited, a subsidiary of MTN Ghana, has advised stakeholders in the digital financial ecosystem to allocate more resources towards customer education to eradicate mobile money fraud. Mr Eli Hini, Chief Executive Officer of Mobile Money Limited, MTN Ghana He said education would provide customers with the...
Value of transactions hit GH¢89bnOthers stand at GH¢26bn The mobile money platform has solidified its position as the most widely used and accepted payment system in the country, as data from the Bank of Ghana shows its transactional value is bigger than all the others combined. According to the Summary of Economic and Financial report (July 2021), the mobile money payment platform has hit...
The establishment of the Development Bank Ghana (DBG) will see micro, small and medium-scale enterprises (MSMEs) being able to access cheap but long-term loans with tenors of 5 years, 7 years, or even 15 years to finance their businesses. These loans will be at commercial but competitive interest rates (lower rates) agreed up by the government with the existing commercial...
The Bank of Ghana and the Monetary Authority of Singapore are creating a Financial Trust Corridor (FTC) – a dedicated ecosystem – for mutual recognition and closer relationships between businesses, including Small and Medium Scale enterprises (SMEs), and financial institutions on the platform. The FTC will comprise of a governance framework and digital infrastructure for banks and financial technology companies...
The Ministry of Finance has commenced work on developing a performance framework for some key state financial sector players in the country. Minister of State at the Ministry of Finance, Charles Adu Boahen, said this is to allow the Ministry monitor the performance of these agencies on a regular basis to ensure that they assist in policy formation . He announced...
