Ghana's parliament has passed the Payment Systems and Services bill into law. The bill is expected to significantly trigger innovation and growth of electronic payments in Ghana.
Prior to the passage of the law, there existed the Payment Systems Act, 2003 (Act 662), Branchless Banking Guidelines (2008) and Electronic Money Issuer (EMI) Guidelines and other laws that regulated digital financial services.
The purpose of the Payments Systems and Services law is to consolidate laws and guidelines relating to payment systems, electronic money operations and to regulate institutions which issue electronic money and provide payment services.
A lot of financial technology companies (Fintech) and electronic payment products were stifled as there was no proper regulatory framework for them to operate. Fintech and other players in the digital financial services space always had to apply to the Bank of Ghana through another bank.
The Chief Executive of Ghana Interbank Payment and Settlement System (GhIPSS), Archie Hesse has expressed his delight on the passage of the law. He said the law will open up the electronic payment space for players to provide greater services to customers.
Apart from the mobile money interoperability initiative, the passage of the Payments Systems and Services bill into law is a milestone worth celebrating within Ghana's payments industry.