Ghana Card to be used for all financial transactions from July 1, 2022
The Bank of Ghana says from July 1, 2022, the Ghana Card will be used for all financial transactions at all Bank of Ghana licensed and regulated financial institutions.
These include banks, Specialised Deposit-Taking Institutions, Non-Deposit-Taking Financial Institutions, Payment Service Providers and Dedicated Electronic Money Issuers, Forex Bureau and Credit Reference Bureaus.
The BoG said no other form of identification will be accepted for financial transactions in all Bank of Ghana regulated financial institutions after the effective date stated above.
A Statement by the BoG said: “In furtherance of its objective of ensuring the safety of the financial system, 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.”
Therefore, it tasked all financial institutions to take steps to update customer records with the Ghana Card 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).
“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,” it said.
For KYC (Know Your Customer) purposes, the BoG said, the National Identification Authority verification transaction platform would be integrated into the Bank of Ghana’s financial monitoring platform.
That, it noted was to ensure that all financial transactions performed within the ecosystem were linked to one identity and information and unique codes for transactions shared with the Bank of Ghana (BoG) to facilitate the identification of initiators/beneficiaries for track and trace purposes.
“This will include but not be limited to transactions by Banks, Non-bank Financial Institutions; and Mobile Money Operators (MMOs),” it said.