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Dr. Ernest Addison, Governor of the Bank of Ghana (BoG)
The Bank of Ghana has expressed its commitment to reduce mobile money interoperability charges in the country.
Addressing a meeting at the official opening of the Zeepay head office, the Governor of the Bank of Ghana (BoG), Dr. Ernest said that the interoperability charge, which used to be 1.5%, has now been lowered at 1%.
He believes this will reduce the burden that charges have on users’ finances.
“The Bank has worked with the industry to reduce charges on mobile money interoperability to a maximum of 1 percent. This will facilitate customer financial transactions within the mobile money interoperability system, foster the adoption of digital financial services, and deepen financial inclusion.
“In addition, the new directive on merchant categorization will ensure that micro, small and medium-sized enterprises (SMEs) that are not registered as corporate entities can now access commercial wallets. This is expected to consolidate the adoption of digital payment services in the informal sector, ”he said.
Dr. Addison further stated that his team is dedicated to fostering the potential of technology to build a robust system to earn consumer trust and confidence in financial digitization.
“With the future of banking resting on digital technology, the Bank has created the right conditions to nurture and harness the talents and creative abilities of Ghana’s young innovators in the financial space.
“So far, the impact of innovative financial products and services powered by Fintech has been phenomenal. From job creation to foreign direct investment technology transfer and skills enhancement to financial inclusion, FinTech footprints are visible, ”he said.
Meanwhile, the chief of staff of the Akufo-Addo administration, Frema Opare, also indicated the government’s commitment to stabilize the financial sector.
According to her, the introduction of bold monetary policy programs has opened up the country to the international community.
It stated that Ghana, through innovative policies, experienced significant dividends, such as the deepening of the financial services sector and GDP expansion from $ 58.9 billion in 2017 to $ 65.3 billion in the first quarter of 2020. .
