Bank of Ghana opens new FinTech and Innovation Office

The Bank of Ghana (BoG) has openned a new FinTech and Innovation Office to drive the Bank’s cash-lite, e-payments, and digitisation agenda.

“The emergence of FinTech solutions has introduced significant complexities that require the sector supervisor’s focus, to understand and supervise effectively”, the BoG said in a statement issued in Accra, last Tuesday, 2020.

The new FinTech and Innovation Office, according to the central bank, will be in charge of licensing and oversight of mobile money operators, payment service providers (PSPs), closed loop payment products, payment support solutions and other emerging forms of payment delivered by non-bank entities.

Also, the statement added that the office will also develop policies to promote FinTech, innovation and interoperability in Ghana. 

Earlier in March, the Bank of Ghana (BoG) granted permission for 50% of the prescribed minimum capital required for existing Fintechs to be held in non-current assets.

The remaining 50%, the BoG, however said, should be deposited in a designated account at the Central Bank.

Attached is the statement from the Bank of Ghana.