Dr Ernest Addison, the Governor of the Bank of Ghana (BoG) says the central bank is in the process of establishing a Chatbot project – an automated consumer complaints management system to help address market conduct concerns.
Dr Addison was speaking at the Standard Chartered Digital Banking, Innovation & Fintech Festival under the theme: “Regulation as an Enabler for Digitising the Financial Sector”.
He said it is important that regulations keep abreast with the rapid changes in the ecosystem without stifling innovation in digital financial services.
Dr Addison added that the BoG has adopted the “Regulatory and Innovation Sandbox” approach to deal with this issue.
“Currently, the sandbox is being used to live-test innovative digital financial service products, business models and supportive technologies in a controlled environment for possible market rollout. As a nurturing arena, the Regulatory and Innovation Sandbox will ensure that the ecosystem remains relevant and resilient to better serve the changing needs of society in a sustainable manner,” he said.
Digital currency
The governor said the BoG has taken steps to explore a central bank digital currency within the framework of the financial sector digitisation programme.
“This project presents a unique opportunity to design a technological representation of a fiat currency that will drive the financial sector digitisation further and also facilitate the government’s inclusive digital transformation programme.
“Let me emphasise that the path ahead for all stakeholders to be in a state of preparedness to collaborate and adopt the rapid changes that are occurring through financial digitisation,” Dr Addison said.
He added, “As regulators, the Bank will continue to modernise the supportive regulatory frameworks to enhance security and promote confidence and trust in the ecosystem.”
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