Ghana’s Central Bank has announced plans to establish a new FinTech and Innovation Office, a move that seeks to enhance the Bank’s cash-lite, e-payments, and digitization agenda.
According to a press statement, the new FinTech and Innovation Office will be responsible for licensing and oversight of the following:
- Dedicated electronic money issuers (mobile money operators)
- Payment Service Providers (PSPs)
- Closed Loop Payment Products
- Payment support solutions
- Emerging forms of payment delivered by non-bank entities
Furthermore, the office will also develop policies to promote FinTech, innovation and interoperability in Ghana.
In February this year, the International Central Banking Awards named the Bank of Ghana, as the Central Bank of the year 2019. The awarding body cited an impressive record of achievements by the Ghanaian Bank as the reason for the recognition.