Accra:The Director of the Payment Systems Department at the Bank of Ghana, Clarence Blay, has emphasized the pivotal role central banks must play in fostering innovation while ensuring robust regulatory frameworks to secure Africa's evolving payment systems. He spoke at a course organized by the West African Institute for Financial and Economic Management (WAIFEM) in Accra.
According to Ghana Web, Blay highlighted the significant transformation in the payment system industry, driven by advances in communication and information technology. The event saw participation from officials of WAIFEM, the Bank of Ghana, representatives from various central banks, resource persons, and the media.
Blay underscored the evolution of payment systems from a peripheral aspect of monetary policy to a central element of financial services, primarily due to digitalization. He pointed out that payment systems now facilitate transactions like school fees, medical bills, and daily expenses, making cybersecurity a critical priority. To address this, Ghana has established the Financial Service Industry Command Centre to share cyber information among financial providers.
He noted the importance of improving Africa's payment systems to boost intra-African trade, advocating for efficient, low-cost systems. Blay called on central banks to embrace innovation, mentioning embedded finance, stable coins, and digital assets as areas of potential growth. He also discussed the complexity of the payment chain, which includes entities not directly regulated by central banks, urging collaboration and understanding through pilot programs.
Blay praised WAIFEM for addressing knowledge gaps and enhancing the capabilities of member central banks. He encouraged participants to engage actively in the course, fostering a network that extends beyond the training. The training aligns with the broader regional integration agenda within the West African bloc and the African integration framework.