The Bank of Ghana (BOG) says it expects the Parliament of Ghana to pass the Payment Systems and Services Bill by the end of June this year.
The bill has been in Parliament for the last 2 years but will be passed by close of June.
If and when the bill is passed into law, there will be strength in the regulatory environment and also provides additional support for non-banks to establish, and operate businesses offering electronic payment services.
The Bill will also help promote innovation in the design of new secure electronic money products and payment services and also engender competition in the electronic money business.
The head of Payment Systems at the BOG, Dr Settor Amediku said, “It’s going to introduce a lot of competition in the sense that non-banks are going to be licensed by the Bank of Ghana to provide payment services like the Banks. So Banks that are not ready to innovate are going to find it difficult to mobilize data and increase their income”.