All financial institutions have been directed by the central bank to accept only Ghana Cards for all transactions. The Bank of Ghana (BoG) stated that this order will go into effect on July 1, 2022.
This is in accordance with Regulation 7 of the National Identity Register of 2012. (L.I. 2111).
"...with effect from July 1, 2022, the Ghana Card shall be the only identification card that will be accepted at all Bank of Ghana licensed and regulated financial institutions...," according to a January 19 statement.
Banks, Specialised Deposit-Taking Institutions, Non-Deposit-Taking Financial Institutions, Payment Service Providers and Dedicated Electronic Money Issuers, Forex Bureaus, and Credit Reference Bureaus are among the institutions that will be affected.The BoG also urged all institutions involved to keep their databases up to date with their customers' Ghana card information.
BoG is also working to integrate the NIA's verification transaction platform into its monitoring systems for 'Know Your Customer' purposes, according to the statement.
"This is to ensure that all financial transactions performed within the ecosystem are linked to a single identity and information, as well as unique codes for transactions shared with the Bank of Ghana (BoG) to facilitate the identification of initiators/beneficiaries for track and trace purposes," according to portions of the release signed by BoG Secretary Sandra Thompson.
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