The office will foster the growth and development of financial technology in the country. The move by the Bank of Ghana is long overdue and aims at entrenching cash-lite, electronic payments, and other forms of monetary digitization throughout the country. Going by their press statement, the new office will oversee:
- Mobile money operators
- Payment service providers
- Payment support solutions
- Closed-loop payment products
- New forms of payment from non-bank entities
Among the new policies that the ban will adopt are fintech, innovations, and interoperability throughout the west African country. This February, the Central Bank of Ghana won resounding accolades after being named “Central Bank of 2019” by the International Central Banking Awards.
The office shall be headed by a financial technology specialist who has also worked in finance, telecommunications, and technology.