BoG developing licensing policy for digital banks

The Bank of Ghana (BoG) is developing a licensing policy for digital banks, Governor Dr Ernest Addison has said.

He explained that the licensing policy had become necessary to regulate the activities of entities that operate digital banks.

Dr Addison, who disclosed this in response to a question on what the BoG was doing to promote digital payment system in the country, said the move was to deepen digital payment and financial inclusion in the country.

This was during the 97^th Monetary Policy Committee press briefing in Accra on Monday to announce a new policy rate.

For the fifth consecutive time this year, the Monetary Policy Committee of the BoG maintained the policy rate at 14.5 per cent after it was reduced by 150 basis point to 14.5 per cent in March this year.

The Governor did not elaborate on the Licensing Policy for digital banks, but said the BoG in collaboration with the government were working to promote digital payment and move the economy from cash to digital and electronic transactions.

He also said the BoG had established the Ghana Inter-bank Payment and Settlement System to lead and promote the digital payment industry in the country.

Turning his focus on the banking sector clean up, Dr Addison said all the customers of the consolidated banks and the Specialised Deposit Institutions have been paid their locked-up funds, except related parties.

The Governor said the Receiver had so far recovered GH¢2.3 billion from the GH¢12 billion assets of the banks in receivership.

Also asked why Ghana did not request debt suspension from the G20 group of nations, Dr Addison said most African countries did not pursue that path.

He said asking for debt suspension would create an image problem for the country.

Source: Ghanaian Times