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Ghana Card Mandate for Transactions

The Bank of Ghana has directed that effective July 1st, 2022, the Ghana Card will be the only acceptable form of identification for all financial transactions at banks and other financial institutions regulated by the Bank of Ghana. All customers are advised to update their records with their financial institutions using the Ghana Card. Additionally, the National Identification Authority's verification system will be integrated with the Bank of Ghana's monitoring platform to facilitate identity verification and tracking of financial transactions for regulatory purposes. No other forms of identification beyond the Ghana Card will be accepted for financial transactions after July 1st.

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Sammy Ben Hammond
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229 views2 pages

Ghana Card Mandate for Transactions

The Bank of Ghana has directed that effective July 1st, 2022, the Ghana Card will be the only acceptable form of identification for all financial transactions at banks and other financial institutions regulated by the Bank of Ghana. All customers are advised to update their records with their financial institutions using the Ghana Card. Additionally, the National Identification Authority's verification system will be integrated with the Bank of Ghana's monitoring platform to facilitate identity verification and tracking of financial transactions for regulatory purposes. No other forms of identification beyond the Ghana Card will be accepted for financial transactions after July 1st.

Uploaded by

Sammy Ben Hammond
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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O F GH

NK A

BA

NA
ES
T. 1 9 5 7

BANK OF GHANA
NOTICE TO ALL LICENSED FINANCIAL INSTITUTIONS AND
THE GENERAL PUBLIC
NOTICE NO. BG/GOV/SEC/01
USE OF GHANA CARD FOR ALL FINANCIAL TRANSACTIONS
In furtherance of its objective of ensuring the safety of the financial system, Bank
of Ghana pursuant to Regulation 7 of the National Identity Register, 2012 (L.I.
2111), hereby directs that with effect from 1st July, 2022, the Ghana Card shall
be the only identification card that will be to undertake transactions at all Bank
of Ghana licensed and regulated financial institutions including:

i. Banks;
ii. Specialised Deposit-Taking Institutions;
iii. Non-Deposit-Taking Financial Institutions;
iv. Payment Service Providers and Dedicated Electronic Money Issuers;
v. 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:

i. Banks;
ii. Non-bank Financial Institutions; and
iii. Mobile Money Operators (MMOs).
O F GH
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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.

(SGD)
SANDRA THOMPSON (MS)
THE SECRETARY 19TH JANUARY 2022

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