The Bank of Ghana (BoG) has established a new merchant payment system that will introduce a tiered account structure to ensure that small and medium enterprises (SMEs) are able to access merchant accounts tailored to their needs. According to the central bank, the tiered account structure will ensure that different customer types are able to sign on to electronic money accounts suitable...
The value of mobile money transactions more than doubled from January to October this year compared to the same period last year, the Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said. He said the value of mobile money transactions increased to GH¢58 billion from January to October relative to the GH¢28.4 billion recorded in the same...
The Association of Ghana Industries is calling on government to speed up processes for the establishment of an industrial bank. According to the AGI this would help address the challenges of access to funding its members face. Speaking to Citi Business News, Director of Business Development Services, Johnson Opoku-Boateng, said government ought to come through with its request, so they can be...
Governor of the Bank of Ghana Dr. Ernest Addison says he is mindful of the fact that in the aftermath of the Coronavirus pandemic, non-performing loans in the country may rise beyond the current stable levels. An analysis of the Summary of Macroeconomic and Financial Data from the Bank of Ghana released in November shows that the percentage of Non-performing...
The Bank of Ghana (BoG) has revised its Anti-Money Laundering (AML) and Combating the Financing of Technology (CFT) guidelines to make it relevant and respond to current needs, Governor Dr Ernest Addison has said. The move, he said, was to promote local and international confidence in the Ghanaian banking sector. Speaking at the 2020 annual dinner of the Chartered Institute of...
… as move prevented economic recession The central bank, through its COVID-19 interventions in the financial sector, injected more than GH¢4billion into the economy – which contributed to prevention of an economic recession the Governor, Dr. Ernest Addison, has said. With the country faced with a serious threat of economic recession that had the potential of eroding all the gains achieved...
INTENSIVE publicity on GhQR code is expected to begin shortly, to create awareness about QR Code and its benefits to shoppers and merchants. The Ghana Interbank Payment and Settlement Systems (GhIPSS) with support from financial institutions, FinTechs and other partners will use various platforms, including social media, as well as radio and television to educate the public and encourage...
SIC, the insurers of the GCB Bank Liberty House Branch at Katamanto in Accra have commenced processes to assess damage and pay claims as may be necessary to the company following a fire outbreak at the facility on Saturday. Speaking to Citi Business News, Head of Corporate and Special Risk at SIC, Emmauel Simpiney-Mensah said his outfit is in talks with...
SIC, the insurers of the GCB Bank Liberty House Branch at Katamanto in Accra have commenced processes to assess damage and pay claims as may be necessary to the company following a fire outbreak at the facility on Saturday. Speaking to Citi Business News, Head of Corporate and Special Risk at SIC, Emmauel Simpiney-Mensah said his outfit is in talks with...
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...
