The central bank’s five-year strategy for improving payments, published in 2019 and building on a previous plan, puts great emphasis on fostering the growth of electronic means of payments and increasing financial inclusion. One key aim is to broaden the type of institutions that can offer payment services. This kind of initiative has brought excellent results in other African countries, where the entry of telecoms companies to the payments market has vastly expanded access to banking services.
It further added:
The central bank wants to make it possible to use QR codes to carry out transactions. It also plans to have a regulatory sandbox in place for fintech companies by the end of 2020. In October 2018, the central bank created a cyber security centre to aid the banking sector in dealing with this evolving risk.
While the Bank of Ghana acknowledges the enormous potential in the blockchain technology and how that can significantly transform the payments system landscape and promote financial inclusion, we are assessing with stakeholders and other international partners how the subsequent use of the blockchain technology into digital currencies would fit into the global financial and payments architecture.
A revised Payments System Act referred to as Payment Systems and Services Bill is already under consideration by the Parliament in Ghana.