The Beginning, middle and possibly end of banking as we know it?
The mandate of Bank of Ghana is mainly overall supervisory and regulatory authority in all matters relating to banking and non-banking financial business with the purpose to achieve a sound, efficient banking system in the interest of depositors and other customers of these institutions and the economy as a whole.”
At the introduction of Mobile Money, the product was regulated under the branchless banking act which was created in 2008 as part of the broader strategy to create an enabling regulatory environment to promote branchless banking. Please Note the primary audience of that guideline was deposit-taking financial institutions (bank and non-bank)
Additionally, it was a way for the Bank of Ghana to promote financial inclusion without risking the safety and soundness of the banking system – protection of banks and banking as it exists which I noticed is essentially a favorite theme of the Bank of Ghana.
It was an 8-page document that seemed to be a makeshift attempt to include and regulate mobile money and to safe guard consumers.
Move the clock forward 7 years…
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