You Cannot Perform Transactions At Any Bank Without Ghana Card – Bank of Ghana

You Cannot Perform Transactions At Any Bank Without Ghana Card – Bank of Ghana

The Bank of Ghana (BoG) has said transactions cannot be carried out at any bank without the use of Ghana Card in a statement signed by the Secretary, Sandra Thomson (MS).

 

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According to the notice served by the bank of Ghana, “in furtherance of its objective of ensuring the safety of the financial system”, it hereby directs that Ghana Card shall be the only identification card to be used for transactions.

 

“In furtherance of its objective of ensuring the safety of the financial system, Bank of Ghana pursuant to Regulation 7 of the National Identification Register, 2012 (L.I. 2111), hereby directs that with effect from 1st July, 2022, the Ghana Card shall be the only identification card that will be used to undertake transactions at all Bank of Ghana licensed and regulated financial institutions”.

 

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Such financial institutions licensed and regulated by Bank of Ghana include:

  • Banks.
  • Specialized Deposit-Taking Institutions.
  • Non-Deposit-Taking Financial Institutions.
  • Payment Service Providers and Dedicated Electronic Money Issuers.
  • Forex Bureau and Credit Reference Bureau.

 

The statement adds that, “In line with this Notice, Section 30 of the Anti-Money Laundering Act, 2020 (Act 1044) and Regulation 12 of the Anti-Money Laundering Regulations, 2011 (L.I. 1987), all financial institutions shall take steps to update customer records with Ghana Card”.

 

Bank of Ghana also directs customers of financial entities regulated by it, to update records with the card.

“Customers of Bank of Ghana regulated financial institutions are therefore advised to update their records with their respective financial institutions with the Ghana Card, in line with this Notice”.

 

Read Also: Biometric Data Collection At The SIM Card Registration Is Useless; We’re Not Part Of It – NIA (+Full Statement)

 

“For KYC purposes, the National Identification Authority verification transaction platform will be integrated into the Bank of Ghana’s financial monitoring platform”, BoG revealed.

“This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information”. And unique codes for the transaction shared with the Bank of Ghana to facilitate the identification of initiators/beneficiaries for track and trace purposes”, it explained.

BoG added that, “this will include but not limited to transactions by:

  • Banks;
  • Non-Bank Financial Institutions and
  • Mobile Money Operators (MMOs).

 

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The Bank of Ghana cautions the public, that no other form of identification will be accepted for financial transactions in all Bank of Ghana regulated financial institutions after the effective date stated.

 

 

 

SOURCE: myafroghana.com

myafroghana.com

myafroghana.com

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