Dr. Ernest Addison has highlighted the significant roles played by Fintechs in the country, stating that their footprints are visible. According to the Governor, Financial technology innovations are permeating the entire financial services value chain. He noted that Fintechs perform several roles from wholesale payments to retail and commercial banking, customer relationships, and payment services.
The Governor stated this in an opening remark at the official opening of the new head office building of Zeepay Ghana Limited. Dr. Addison indicated that FinTechs are disrupting every facet of traditional financial services’ businesses. As a result, the Governor cited Zeepay as one of such FinTechs.
Zeepay Ghana Limited, first indigenous finTech
Also, the Governor stated that Zeepay is the first indigenous fintech licensed as an Electronic Money Issuer. More importantly, the governor lauded the progress and achievements of the Zeepay over the years. He stated that Zeepay’s achievements provide evidence for the solid foundation laid by the Bank’s regulatory policies for the Fintechecosystem. To, him, the collaborative strategic partnership with Banks are beginning to yield the desired results.
“So far, the impact of innovative Fintech-driven financial products and services has been phenomenal. From employment creation to foreign direct investments’ technology transfer and skills enhancement to financial inclusion, the footprints of FinTechs are visible”.
Also, Dr. Addison asserted that the future of banking rests on digital technology. He noted that the Bank has created the right conditions to harness the talents of young Ghanaian innovators into the financial space.
Yet, he said, a lot of responsibilities rest on FinTechs to operate efficiently and remain compliant with the relevant laws, directives, and policies. According to the governor, “this is the only way that we can build consumer confidence and trust in financial digitization”. This is in addition to ensuring “the delivery of sustainable financial products and services that are churned out by FinTechs”.
Meanwhile, he urged the Management of Zeepay to set the tone in the Fintech sector . He asked the company to ensure strict compliance to the regulatory framework.
Central bank’s commitment to building an inclusive financial service industry
Moreover, he noted that the BOG took the opportunity to outline several interventions and programs that the Bank has undertaken to build a robust banking sector. He cited the National Payment Systems Strategy 2019 – 2024 and the Payment Systems and Services Act 2019 (Act 987) as some examples.
Furthermore, he pointed out that the bank has established a regulatory and innovation sandbox. He explained that this will provide an appropriate environment to nurture innovative products, services, and business models. This, he believes sends the assurance to payment service providers and customers of the bank’s commitment to improving the payment ecosystem.
Mobile money interoperability charges reduced to a maximum of 1 percent
Also, the Governor touched on some of the things the Bank is doing to ensure that the consumers receive the best of banking services. He noted that the Bank has worked with the industry to reduce charges on mobile money interoperability to a maximum of 1 percent.
As a result, he explained that this will ease customers’ financial transactions within the mobile money interoperability system. It will also foster the adoption of digital financial services, and deepen financial inclusion.
Furthermore, Dr. Addison stated that the new directive on merchant categorization is very beneficial to micro, small, and medium-sized enterprises. According to him, such businesses that are not registered as corporate entities can now have access to merchant wallets.
“This is expected to entrench the adoption of digital payment services in the informal sector”.
Meanwhile, he expressed optimism that the digital financial service ecosystem will form the basis for financial service providers to collaborate and create true value for consumers.
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