Monday, April 22, 2019
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Payments Systems and Services Bill to Transform  Banking

The passage of the Payment Systems and Services bill by Parliament last Thursday is expected to stir up innovation in the financial sector space as Ghanaians are increasingly adopting digital platforms to carry out banking transactions.

The passage of the bill also means that companies that want to operate in the digital financial space can apply directly to the Bank of Ghana for the payments license without going through a bank. 

The Head of Payment Systems at the Bank of Ghana, Dr Settor Amediku, in an interview said the country is going to have a competitive payment ecosystem that would make banks innovate or risk losing their clients to the licensed non-bank entities. 

“We are going to see a very competitive payments ecosystem and those who do not innovate, especially some of the banks, will be losing customers to the non-bank entities such as fintechs, mobile money operators and other payment service providers.

It is surely an exciting time for stakeholders especially the fintechs as its gives them the opportunity to take their innovation to the next level. The payments landscape is expected to be very competitive which will result in the design of great services for the ordinary customer.

 

 

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