BoG establishes new FinTech and Innovation office to accelerate e-payments

The Bank of Ghana (BoG) says it has established a new FinTech and Innovation office to drive the regulator’s cash-lite, e-payments, and digitisation agenda.

According to a statement issued by the central bank and copied to GhanaWeb, 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-banking entities.

The BoG said the office will also develop policies to promote FinTech, innovation and interoperability in the country.

“The emergence of FinTech solutions has introduced significant complexities that require the sector supervisor’s focus, to understand and supervise effectively.” the statement added.