Laying foundation for digital financial services

BY: Isaac Yeboah

The year 2015 marked a remarkable departure in Bank of Ghana's approach to digitalisation and financial inclusion with the issuance of the Electronic Money Issuers and Agents Guidelines (EMI & AG). Prior to that, the Branchless Banking Guidelines (2008), which ushered in mobile money, had leveraged the well established banking industry to provide a firm foundation for remote delivery of affordable financial services in partnership with the telcos.

The mandatory bank-based model of the 2008 Guidelines provided the regulatory basis for the budding digital financial services industry and Ghana stood out for regulatory certainty in an era when the service was not regulated in most jurisdictions, and nurtured the partner telcos in the rudiments of financial services.

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