Johnson Asiama, the Deputy Governor of the Bank of Ghana (BoG), recently announced that BoG is implementing a new infrastructure that would allow users of different mobile money network providers to transfer money among the services. Platforms including MTN, Tigo, Airtel and Vodafone will be made compatible. BoG has begun stakeholder consultations about this infrastructure, which will be linked to the Ghana Interbank Payment and Settlement System (GhIPSS) to enable interoperability with microfinance institutions (MFIs).
BoG also announced a recapitalization and liquidity plan to strengthen the banking industry. As part of this effort, an asset quality review of all 28 banks in the country will be conducted to assess capital needs of each.
By Petra Barbu, Research Associate
About the Bank of Ghana
Established in 1957, the Bank of Ghana (BoG) has regulatory and supervisory authority over banking and other financial institutions in Ghana, including rural and community banks, savings and loan companies, credit unions and other non-bank financial institutions. The mandate of BoG is to “maintain stability in the general level of prices, to ensure efficient operations of the banking and credit systems, and to support general economic growth.” BoG uses monetary and fiscal policies to achieve its mandate, acts as a banker and financial adviser to the government, and performs annual on-site audits of the microfinance institutions within its purview through its Other Financial Institutions Supervisory Department. As of year-end 2015, BoG has total assets of GHS 74 billion (USD 18 billion).
Sources and Additional Resources
[1] Graphic Online: BoG to Make Mobile Money Platforms Compatible
[2] MicroCapital Universe Profile: Bank of Ghana
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