3 July 2018

Ghana: Soften Regulations for Fintechs to Thrive--VP Bawumia Urges BoG

press release

The Vice President of the Republic of Ghana, Dr Mahamudu Bawumia, has urged the Bank of Ghana not to overly deploy regulations to tie the hands of Financial Technology (Fintech) players when drafting the Payment System Bill in order to free up their innovative choices.

According to Vice President Bawumia, players in the Fintech sector were "free spirits" who required freedom to experiment and innovate in order to come up with solutions geared towards deepening financial inclusion, a key part of the Nana Akufo-Addo government to formalise the economy.

Vice President Bawumia made the plea when he gave the keynote address at the launch of the 10th anniversary celebrations of Bond Savings and Loans PLC in Accra on Wednesday, June 27, 2018.

He noted that the Fintechs were not deposit-taking financial institutions while the mobile payment space was very bank-based and, therefore, the risk that they posed to the financial system was not as high.

"We have been pursuing this agenda of greater financial inclusion and formalization of the economy in many spheres, including the digital address system, automation of clearing services at the port, national identification programme and the recently-launched Mobile Money Interoperability System," adding that all of these initiatives in the Fintech sector came about because of their ability to innovate, hence it would be in the nation's interest to allow them to continue to do so, the Vice President explained.

Vice President Bawumia commended Bond Savings and Loans PLC for the significant strides and growth chalked over the past 10 years.

He challenged them to continue with their mission to expand the reach of financial services through technology to help include the financially-excluded as well as bring a larger part of the population into the formal sector.

Source: ISD (Rex Mainoo Yeboah)

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