BoG Issues Guidelines for conduct of Remittance Services by PSPs | The Vaultz News
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, April 17, 2021
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • Sports
  • Arts & Lifestyle
    • Lifestyle
    • Fashion
  • 20MOBPL2DNew
No Result
View All Result
The Vaultz News

BoG Issues Guidelines for conduct of Remittance Services by PSPs

  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • Sports
  • Arts & Lifestyle
    • Lifestyle
    • Fashion
  • 20MOBPL2DNew
No Result
View All Result
The Vaultz News
No Result
View All Result

BoG Issues Guidelines for conduct of Remittance Services by PSPs

February 25, 2021
Afua AsomaningbyAfua Asomaning
in Banking, Sub Top Stories, Sub Top Stories
0
Financial Inclusion: Are we really creating an enabling environment?

Point of Sales (POS) Terminal

The Bank of Ghana has issued a framework to guide the facilitation and delivery of inward remittance services to beneficiaries of Payment Service Providers (PSPs) who partner banks.

This is in furtherance to the Central Bank’s commitment to creating an enabling environment for remittance without risking the stability of the financial system.

Remittance is a significant source of external financing and a major contributor to national income. Many Ghanaian families depend on remittances from relations living abroad to cater for various expenses including education, health, rent, housekeeping, and utilities. 

“Remittances…contribute to the economic well-being of Ghanaians”.

Bank of Ghana

Over the years, Money Transfer Operators (MTOs) and banking agents have facilitated funds transfer from abroad to beneficiaries in Ghana, which are accessed largely through banking halls. Also, Mobile money and other digital channels which have been made available by payment service providers are now providing extensive, affordable, convenient, and flexible alternative means for accessing remittances by beneficiaries.

Accordingly, the Bank of Ghana publishes this Guideline for Dedicated Electronic Money Issuers (DEMIs) and Enhanced Payment Service Providers (EPSPs) that intend to partner with MTOs to facilitate inward remittances for an individual in Ghana to whom a remittance payment order is being sent from a foreign jurisdiction.

Additionally, this guideline seeks to provide competitive market conditions for the inward remittance industry through the use of innovative digital payment channels and ensure adherence to Anti-Money Laundering/ Combating the Financing of Terrorism (AML/CFT) Law and Guidelines as well as to promote compliance with consumer protection and recourse mechanisms.

The Bank of Ghana further asserts that these Guidelines for the regulation of inward money transfer services provided by DEMIs and EPSPs in partnership with MTOs is in “pursuant to Section 4(1)(e) of the Bank of Ghana Act, 2002 (Act 612) as amended, Section 2(3) of the Foreign Exchange Act, 2006 (Act 723) and Section 10(2)(i) of the Payment Systems and Services Act, 2019 (Act 987)”.

“A DEMI or an EPSP regulated under the Payment Systems and Services Act, 2019 (Act 987) may make an application for the provision of inward remittance services…to the Head of the FinTech and Innovation Office of the Bank of Ghana.

“A DEMI or EPSP which seeks to partner an MTO for the provision of inward remittance services shall ensure that the partner MTO(s) is a registered entity and licensed by a competent authority in its country of registration to carry out international money transfer services”.

Bank of Ghana
BoG Issues Guidelines for conduct of Remittance Services by PSPs
The Bank of Ghana

A DEMI or EPSP shall have designated accounts for remittance settlement domiciled with universal bank(s) only. These accounts shall be remittance inflow settlement account and Local settlement account, the Bank of Ghana added.

  • BoG Issues Crowdfunding ‘susu’ Policy for the Banking Sector

Finally, the Central Bank encourages the general public to access these inward remittance services without fear or panic as they are well regulated by its outfit.

“The DEMI and EPSP shall collect, process and retain remittance data in line with relevant provisions under the Data Protection Act 2012, (Act 843).

“Any action which contravenes any section of this Guideline shall attract the corresponding sanctions and penalties under the relevant laws”.

Bank of Ghana

Tags: AirtelTigoAirtelTigo cashBank of GhanaBanking sectorFintechsMTNMTN momoPayment Service ProviderremittancesVoda CashVodafone
Login
guest
guest
0 Comments
Inline Feedbacks
View all comments
Previous Post

Biden revokes Trump ban on green card applicants

Next Post

NAOMI CAMPBELL ASSERTS 2021 TO BE AN AMAZING YEAR

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

BOG educates the public on dormant accounts
Banking

BOG educates the public on dormant accounts

April 17, 2021
Slight ease in Banks’ dividend pay-out, normalization delayed
Banking

Slight ease in Banks’ dividend pay-out, normalization delayed

April 14, 2021
Future of financial services more digital than ever before- Mrs. Addo Awadzi
Banking

Future of financial services more digital than ever before- Mrs. Awadzi

April 7, 2021
Ghana becomes 4th African country to join BCG
Banking

Ghana becomes 4th African country to join BCG

April 2, 2021
Banking sector holds majority of domestic debt
Banking

Banking sector holds majority of domestic debt

April 1, 2021
The footprints of FinTechs are visible- Dr. Addison
Banking

The footprints of FinTechs are visible- Dr. Addison

March 31, 2021
China accuses US, Japan of ‘stoking division’
Asia

China accuses US, Japan of ‘stoking division’

by DerrickApril 17, 2021
COVID-19 case count drops, 42 new cases recorded
General News

COVID-19 case count drops, 42 new cases recorded

by Priscilla KorantengApril 17, 2021
President of the Ghana Independence Broadcasters Association (GIBA), Andrews Danso-Ahenkorah, has expressed the need for enacting broadcasting law.
General News

We need media regulations for development- GIBA

by Angeller AshongApril 17, 2021
BOG educates the public on dormant accounts
Banking

BOG educates the public on dormant accounts

by Stephen KotochieApril 17, 2021
African Union holds conference to fast-track local vaccine development
Africa

African Union holds conference to fast-track local vaccine development

by Stephen AbankwahApril 16, 2021
Sub-Saharan Africa needs $425 billion over the next 5 years- IMF
Africa

Sub-Saharan Africa needs $425 billion over the next 5 years- IMF

by Stephen KotochieApril 16, 2021
China accuses US, Japan of ‘stoking division’
COVID-19 case count drops, 42 new cases recorded
President of the Ghana Independence Broadcasters Association (GIBA), Andrews Danso-Ahenkorah, has expressed the need for enacting broadcasting law.
BOG educates the public on dormant accounts
African Union holds conference to fast-track local vaccine development
Sub-Saharan Africa needs $425 billion over the next 5 years- IMF
[/vc_row_inner]

Trending

  • Akuapem Poloo has been sentenced to three months in prison. This follows the social media sensation posting some naked photos of herself and her son

    Akuapem Poloo Sentenced, All hope not lost- Lawyer

    39 shares
    Share 16 Tweet 10
  • WTO calls for applications for its 2022 Young Professionals Program

    29 shares
    Share 12 Tweet 7
  • Revise laws on stability clauses in petroleum agreements, the sector is de-risked- Dr Ali-Nakyea

    19 shares
    Share 8 Tweet 5
  • BOG educates the public on dormant accounts

    19 shares
    Share 8 Tweet 5
  • Stonebwoy applauds government for fixing Tema motorway street lights

    15 shares
    Share 6 Tweet 4
Snow

The Vaultz News

Copyright © 2020 The Vaultz. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • Sports
  • Arts & Lifestyle
    • Lifestyle
    • Fashion
  • 20MOBPL2D

Copyright © 2020 The Vaultz. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Discover the Details behind the story

Get an in-depth analysis of the news from our top editors

Enter your email address
The Vaultz News


This website uses cookies to enable, optimise and analyse site operations, as well as to provide personalised content and allow to connect to social media. By clicking "ACCEPT" you consent to the use of cookies for non-essential functions and the related processing of personal data. You can adjust your cookies and associated data processing preferences any time in our "Cookies settings". Please view our cookies policy to learn more about the use of cookies on our website.

Cookies settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

SAVE & ACCEPT
0
0
Would love your thoughts, please comment.x
()
x
| Reply