Only Ghana Card will be used for bank transactions from July 2022 – BoG

Only Ghana Card will be used for bank transactions from July 2022 – BoG

From July 2022 the Bank of Ghana has tasked all banks and financial institutions to accept the Ghana card as the only identification card for transactions.

The Bank of Ghana also noted that no other form of identification will be accepted after the said date.

“In furtherance of its objective of ensuring the safety of the financial system, the Bank of Ghana pursuant to Regulation 7 of the National Identity Register, 2012 (L.I. 2111), hereby directs that with effect from 1st 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,” the Secretary to BoG, Sandra Thompson disclosed.

Financial institutions where this directive is to be adhered to include Banks, Specialized Deposit-Taking Institutions, Non-Deposit-Taking Financial Institutions, Payment Service Providers and Dedicated Electronic Money Issuers and Forex Bureaus and Credit References Bureaus.

The BoG also pointed out that in line with the notice, Section 30 of the Anti-Money Laundering Act, 2020 (Act 1044) and Regulation 12 of the Anti-Money Laundering Regulations, 2011 (L.I. 1987), all financial institutions shall take steps to update customer records with the Ghana Card.

“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 verification transaction platform will be integrated into the Bank of Ghana’s financial monitoring platform.”

She explained that 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 or beneficiaries for track and trace purposes.

This shall also include but not be limited to transactions by banks, Non-bank Financial Institutions and Mobile Money Operators (MMOs).

By: Stella Annan | Twitter @activetvgh

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