Ghana’s Central Bank is considering plans to cap the number of financial technology firms operating in Ghana, as it seeks to fight cyber-related fraud.
The increase in use of digital platforms in the last few years in Ghana has seen a rise in cyber fraud, with the bank calling for measures to regulate the rate of proliferation Fintechs and their activities.
“We have drafted a new Bill which is currently before cabinet…when the Bill is passed by Parliament, the Fintechs will have to comply. There will be chaos in the financial system if we are unable to control who enters the market to provide any payment services systems,” said Dr. Settor Ameduku, Head of Payment Systems at Bank of Ghana.
Dr. Amediku added, “We need to regulate the environment since we at the central bank are concerned about the financial system. So when the Bill is passed into the Act, we will pay particular attention to minimum corporate governance, anti-money laundering issues, data protection among others.
He was speaking at a fintech summit in Accra on Thursday, June 14, 2018.
According to the bank, a fintech may be deemed qualified to sustain its operations if it complies with three broad directives including; tech, security and controls, governance arrangements as well as principles of consumer protection.
For tech, security and controls, a fintech is expected to possess a tested technology system which is equipped with fraud monitoring and detection tools; a valid third-party certification from a reputable certification authority in line with relevant standards determined by the Bank of Ghana, he further explained.