A Global Investment Analyst, Mr Patrick Abankwa Baah has urged the National Identification Authority (NIA) to register as many people as possible
A Global Investment Analyst, Mr Patrick Abankwa Baah has urged the National Identification Authority (NIA) to register as many people as possible for the Ghana Card to ensure that the new directive given by the Bank of Ghana (BoG) that beginning July 1 only that Card is going to be the form of identification in financial transactions, succeeds.
He told Miriam Osei Agyeman on the Business Brief on TV3 on Wednesday January 19 that if the NIA fails to register more people, it will make the financial inclusion difficult.
The BoG on Wednesday January 19 directed that the Ghana Card shall be the only identification card to undertake transactions at all Bank of Ghana licensed and regulated financial institutions.
These include Banks;Specialised Deposit-Taking Institutions; Non-Deposit-Taking Financial Institutions; Payment Service Providers and Dedicated Electronic Money Issuers; Forex Bureaus and Credit Reference Bureaus.
In line with this Notice, Section 30 of the Anti-Money Laundering Act, 2020 (Act 1044) and Regulation 12 of the Anti-Money Laundering Regulations, 2011 (L.I.1987), all financial institutions shall take steps to update customer records with
the Ghana Card.
Customers of Bank of Ghana regulated financial institutions are therefore advised to update their records with their respective financial institutions with the Ghana Card in line with this Notice.
For KYC purposes, the National Identification Authority verification transaction platform will be integrated into the Bank of Ghana’s financial monitoring platform. This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions shared with the Bank of Ghana (BoG) to facilitate the identification
of initiators/beneficiaries for track and trace purposes. This will include but not limited to transactions by Banks; Non-bank Financial Institutions; and Mobile Money Operators (MMOs).
“The Public is to note that no other form of identification will be accepted for financial transactions in Bank of Ghana after the effective date stated above,” a statement issued by the central bank said on Wednesday January 19.
Speaking on this development, Mr Abankwah Baah said “We accept the voter card, we accept the NHIS , we accept the Ghana Card and we even accept the drivers license but it is time that we consolidate all of these cards into one, which will be accepted by all.“
“For me, this call has two effects; it has the positive and negative effects. The July deadline is, for me, good but if the NIA does not take time to register the people that are still in the system then it is going to be a bit of challenge with the financial inclusion exercise on the part of the Bank of Ghana.
“So, we have to ensure that as many Ghanaians as possible in the age bracket gets access to the card so that they can hold their bank accounts where ever they are.
“The positive side of this is that it will give banks the leverage to be able to to have confidence in their customers because the Ghana Card is is now linked to all other cards including your SSNIT and driving license so when Banks are giving out loans they have confidence that customers will not be able to run away with their money.”
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