Open banking and account number portability are outlined in Bank Of Ghana’s digital strategy
Last week, the Bank of Ghana presented its digital strategy for 2019 to 2024.
The Bank Of Ghana strategic plan, called “National payment systems strategic plan (2019-2024)defines policy direction and guidelines for the regulator that will foster an enabling environment for the development of Ghanaian payment and financial systems. It leverages the opportunities offered by digital technologies to promote competition, efficiency, innovation and financial inclusion within the payment ecosystem.
The Bank of Ghana, in its strategic plan, stated that it had achieved the objectives set out in its 2014 strategic roadmap. Some of these achievements include:
- Establishment of a payment systems advisory committee that advises the
Bank on payment system issues;
- Implementation of GhIPSS Instant Pay (GIP) which allows payments to be sent
through financial institutions electronically from one bank account to another;
- Introduction of the gh-Link card which connects financial institutions and
third-party systems; and
- Migration of payment cards to EMV1 chip and PIN standards
New goals and policies
The Bank of Ghana has outlined its key strategic objectives for its National Payments System Strategy 2019-2024 and they include:
- Promote efficient payments;
- Improve financial inclusion; and
- Promoting financial innovations
Some of the policies in the strategy include Open bank which includes engaging with banks and stakeholders to develop a data sharing roadmap and establish a data sharing standard for consumers.
Open Banking is currently a policy in most European countries that allows customers to transfer their bank details to a new bank or allow their records to be accessed by third-party fintechs.
Other policies include a “Account Number Portability” a policy that would presumably allow bank customers to keep their bank account numbers if they change banks.
None of the policies have a firm deadline, but the Bank of Ghana is aiming for these policies to be achieved by 2024.
You can read Bank Of Ghana’s new strategy here.