The Bank of Ghana (BoG) has directed that all financial transactions be carried out with only the Ghana Card, effective from 1 July.
A statement issued by the central bank on Wednesday (19 January) says the directive is in line with the Anti-Money Laundering Act.
“In furtherance of its objective of ensuring the safety of the financial system, Bank of Ghana, pursuant to Regulation 7 of the National Identity Register 2012 (LI 2111), hereby directs that with effect from 1 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, including:
- banks;
- specialised deposit-taking institutions;
- non-deposit-taking financial institutions;
- payment service providers and dedicated electronic money issuers;
- forex bureaux and credit reference bureaux.
“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.
“”For KYC purposes, the National Identification Authority (NIA) verification transaction platform will be integrated into the Bank of Ghana’s financial monitoring platform.
“This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the identification of initiators/beneficiaries for track and trace purposes.
“This will include but not [be] limited to transactions by banks, non-bank financial institutions and mobile money operators (MMOs),” the statement from the BoG added.
Below is the full statement:
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