In July 2015, the Bank of Ghana (BoG) issued new e-money regulations that establish a best practice framework for digital financial services. The regulations permit non-banks to operate e-money businesses, a significant change that secures the previously tenuous position of mobile network operators already providing such services, and aims to bolster investment in the sector from other providers. The regulations focus on minimising barriers to access for end customers whilst strengthening supervision and consumer protection. The measures include the introduction of a risk-based approach to ‘know your customer’ processes (as is the international norm) with clear rules on identification requirements and transaction limits that encourage the market for over-the-counter services. Industry experts have called this one of the most significant interventions by the BoG to promote financial inclusion for unbanked Ghanaians.
Recent developments indicate the government is aware of the need to create a competitive investment environment in Ghana and much work is being done in this respect. A key theme amongst industry experts is the need generally to improve the opportunity and administrative ease of doing business through legislative measures and there continue to be positive signs that this is indeed being addressed.
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