The Bank of Ghana (BoG) has launched an online platform to enable payment service for the Collateral Registry through a web-based system.
The advent of the novel coronavirus has caused so many activities especially financial transactions to move online. The world and Africa to be precise have ahad to adapt to the new norm despite the mishaps that had hindered the smooth sail of online activities.
According to the BoG, this will remedy the inconveniences associated with the existing pre-paid mode of payment.
The central bank in a statement indicated a variety of platforms available on the web-based system to suit various customers.
“This online payment service affords clients of the Collateral Registry the option to pay for the services rendered by either Mobile Money (MTN MoMo, Vodafone Cash and AirtelTigo Money) or Visa/MasterCard.”
This move by the Bank of Ghana is to step up the already existing Ghana Collateral Registry which started its operations on 1st February 2010. The registry was established under the statutory Mandate of the Borrowers and Lenders Act 2008 (Act) 773. The Collateral Registry is to register charges and collaterals created by borrowers, to secure credit facilities provided by lenders.
This was to accomplish its mandate of regulating, supervising and directing the banking and credit system, and ensure the smooth operation of the financial sector.
The Collateral Registry operates a 24/7 web-based system, which serves lending institutions and the general public.
The use of some services of the Registry requires payment. The current modes of payment are the post-paid mode and the pre-paid mode, which require a deposit to be made at the Bank of Ghana.
However, the introduction of this online payment service is to address the inconveniences associated with the existing mode of payment.
Other interventions by BoG
The Bank of Ghana (BoG) announced the establishment of a new FinTech and Innovation Office to drive the Bank’s cash-lite, e-payments, and digitisation agenda.
The setting up of this new FinTech and Innovation Office, according to the Bank of Ghana, will among other things, be responsible for licensing and oversight of dedicated electronic money issuers, that is mobile money operators, and payment service providers (PSPs).
FinTech and Innovation Office will also perform the same responsibility for closed-loop payment products, payment support solutions and other emerging forms of payment delivered by non-bank entities.
A communication from the BoG to announce the latest development added that “the office will also develop policies to promote FinTech, innovation and interoperability in Ghana.”
