BoG gets new office to oversee FinTech operations

The Bank of Ghana (BoG) has established a new office to drive the growth and sustenance of financial technology (FinTech) and innovation in the country.

The creation of the FinTech and Innovation Office is part of the central bank’s broader strategy to entrench cash-lite, electronic-payments digitisation in the country.

In a release issued on Tuesday, May 5, the bank said the emergence of FinTech solutions had introduced complexities that required the sector supervisor’s focus, to understand and supervise effectively.

“The new FinTech and Innovation Office will be responsible for licensing and oversight of dedicated electronic money issuers (mobile money operators), payment service providers (PSPs), closed loop payment products, payment support solutions and other emerging forms of payment delivered by non-bank entities.

“The office will also develop policies to promote FinTech, innovation and interoperability in Ghana,” the release said.

Maiden head

The Daily Graphic understands that the office would be headed by a FinTech specialist with work stints in telecommunications, finance and technology.

It has further gathered that the head had been part of the World Bank’s Consultative Group to Assist the Poorest (CGAP) inclusive markets team in the country.

He was in charge of digital financial services ecosystems, which include providers, central banks, finance ministries, and other stakeholders, to advance financial inclusion through digital financial services.