Banks to accept only GhanaCard by July 1, 2022

Ghana Card

The Bank of Ghana has stated that From July 1st, 2022, it shall only accept the Ghana card for transactions at all Bank of Ghana licensed and regulated financial institutions.

The institutions it said include Banks, Specialised Deposit-Taking Institutions, Non-Deposit-Taking Financial Institutions, Payment Service Providers and Dedicated Electronic Money Issuers, Forex Bureaus and Credit Reference Bureaus.

“In furtherance of its objective of ensuring the safety of the financial system, Bank of Ghana pursuant to Regulation 7 of the National Identity Register, 2012 (L.I. 2111), hereby directs that with effect from 1st July, 2022, the Ghana Card shall be the only identification card that will be to undertake transactions at all Bank of Ghana licensed and regulated financial institutions including: i. Banks; ii. Specialised Deposit-Taking Institutions; iii. Non-Deposit-Taking Financial Institutions; iv. Payment Service Providers and Dedicated Electronic Money Issuers; v. Forex Bureaus and Credit Reference Bureaus,” it added.

It has advised that in line with this Notice, Section 30 of the Anti-Money Laundering Act, 2020 (Act 1044) and Regulation 12 of the Anti-Money Laundering Regulations, 2011 (L.I. 1987), all financial institutions shall take steps to update customer records with the Ghana Card.

“Bank of Ghana regulated financial institutions are therefore advised to update their records with their respective financial institutions with the Ghana Card in line with this Notice,” it stated.

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For KYC purposes, Bank of Ghana stated that the National Identification Authority verification transaction platform will be integrated into the Bank of Ghana’s financial monitoring platform.

“This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the identification of initiators / beneficiaries for track and trace purposes,” it explained.

Bank of Ghana added that, “This will include but not limited to transactions by: i. Banks; ii, Non-bank Financial Institutions; and iii. Mobile Money Operators (MMOs).”

Meanwhile, the Bank of Ghana reiterated that,”The Public is to take note that no other form of identification will be accepted for financial transactions in Bank of Ghana after the effective date stated above.”

Ghana| Atinkaonline.com| Porcia Oforiwaa Ofori

Writer’s email: [email protected]

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