Sanaa:Bank of Ghana Governor Dr. Johnson Pandit Asiama has called on electronic money issuers to enhance safeguards for customer funds, cybersecurity, and consumer protection as the nation's digital payments sector continues to grow.
According to Ghana Web, the call came after the official launch of SaoPay as a Dedicated Electronic Money Issuer (DEMI). Dr. Asiama emphasized that licensed electronic money issuers must ensure that the value represented by electronic money remains real, safe, and readily available to customers.
He underscored the necessity for rigorous three-way reconciliation between an issuer's electronic money platform, bank position, and customer funds. Dr. Asiama also highlighted the importance of cyber resilience, including integration with the Financial Industry Command Security Operations Centre (FICSOC), and maintaining vigilance against fraud, money laundering, and terrorist financing.
On the topic of consumer protection, Dr. Asiama insisted that issuers must treat customers fairly, particularly in managing agent networks and disclosing transaction charges before transactions are completed. He further advised issuers to operate strictly within their licensing boundaries, cautioning that products related to savings, credit, insurance, and pensions should only be offered through regulated partners.
Dr. Asiama concluded by noting that the entry of SaoPay into the digital payments ecosystem serves as a reminder of the responsibilities associated with holding electronic money, emphasizing that every new entry signifies cedis held in a new form, with a promise of real, safe, and accessible value.