In Ghana, Payment Service Provider (abbreviated as PSP) licenses are regulated and issued by the Bank of Ghana (BOG) under the Payment Systems and Services Act 2019 (Act 987). "payment service providers" under the act will include providers of: (1) credit, debit, and atm cards; (2) e-money; (3) electronic payment services to a seller, service provider, or creditor; (4) electronic money transfer services; and (5) other payment services that may affect the financial system or public interest, and others that may be It follows the passage of the Payment Systems and Services Act, 2019 (Act 987) in accordance with the licensing application pack for payment service providers. Establishment and designation of payment systems by the Bank of Ghana. October 6, 2022 Charts: Summary of Economic and. However, other non-cash payment instruments have been introduced including Paper-based instruments (cheques, payment orders, bills of exchange, promissory notes and), Electronic Funds Transfers (EFTs), card payments (credit cards, debit cards, prepaid cards), internet banking, mobile banking, mobile money. Zeepay Ghana Limited Payment . 99K views, 2.4K likes, 678 loves, 8.4K comments, 1.1K shares, Facebook Watch Videos from Nana Addo Dankwa Akufo-Addo: Address to the Nation on the Economy 21 expresspay is another growing fintech player in ghana that allows users to conveniently pay various types of bills online and to send monies instantly to any bank account, making the tedious process of bank-to-bank transfers much simpler. Check hubtel out for their amazing e-commerce and payments services. Namibia National Payment System Vision 2021 - 2025; Namibia Inter-bank Settlement System (NISS) E-Money Institutions; Legal Framework. Payment Systems And Services Act, 2019 Act 987 - Bank of Ghana Latest News First Deputy Governor's Remarks at. Supervision of established and designated systems. Short title: National Payment Systems (Amendment) Act, 2007 Year of Act: 2007 Number of Act: 1 Date of assent: 12 April 2007 Download of Original File: npsa2007379.pdf There is no HTML version of this Act. For more information on the digital payments sector in Ghana, contact Victoria Agbai in the Commercial Section of U.S. Embassy Ghana at email: office.accra@trade.gov or Tel: +233 (0)30-274-1870. Transfers between principal, master agent, and agent's accounts. BOX GP 2674 Accra, Ghana For further enquiry, please contact the following: The Head Payment Systems Department Bank of Ghana Cedi House, 12th Floor Accra (SGD) FRANCES VAN-HEIN SACKEY (MRS) THE SECRETARY DATE - 12TH SEPTEMBER, 2019 Encl More from Business & Finance ModernGhana Links 29.10.2022 | Business & Finance The bill also paves the way for Banks to issue e-money to it's customers which will be guided by rules and regulations in the bill. 2002 - The Real Time Gross Settlement (Ghana Interbank Settlement) for wholesale payment and settlements was introduced (Rules and Guidelines). section 12: the bank of ghana may suspend a payment system licence or authorisation where (a) the bank of ghana is satisfied that a payment service provider has failed to meet infrastructure requirements or any other requirements specified by the bank of ghana; (b) the bank of ghana is satisfied that the affairs of that payment service provider October 14, 2022 MPC Press Release - October. This article focuses on Ghana. Number of Act: 11. Ghana is a country in West Africa with an estimated population of 29.6 million (2018) according to the World Bank. The Payment Systems & Services Act 2019 (Act 987), provides the legal and regulatory framework for the orderly development of Ghana's payment system and grants the Bank of Ghana the mandate to duly license and supervise financial technology companies operating within the country. Please download the PDF version from the link immediately above this text. Don't have an account? Creating a duplicate account with a different email address may cause you to receive an error message in one or more of these systems. Systemic risk. Laws of South Africa (Legislation) Lesotho Law (LesLII) Liberian Law (LiberLII) Bank of Ghana 1 Thorpe Road P.O. Ghana: Payment Systems and Services Act to Boost Digitisation Processes --Governor, BoG 19 June 2019 Ghanaian Times (Accra) The Payment Systems and Services Act would help create an enabling. 5. Please use this email address to sign in. PAYMENT SYSTEMS ACT, 2003 ACT 662 ARRANGEMENT OF SECTIONS Establishment and Supervision of Payment Systems 1. DPO. 2. Call them on +233 307010963 ext 769 or +233 268655555. PASSED by Parliament and assented to by the President: Preliminary Provisions 1. 3. 4. The enactment of the NPS Act was Impelled by an increase in the use of digital and electronic financial services by private entities in Uganda offering various electronic payment products. In force: Yes. FinTechs are now required to hold a license from at least one of five license categories (Enhanced PSP, medium PSP, standard PSP, PSP card scheme, and E-money Issuer) in order to commence or continue operations in Ghana. The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries.The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided . The Payment Services Act 2019 (" PSA ") combines the 2006 Payment Systems (Oversight) Act (" PS (O)A ") and the 1979 Money-Changing and Remittance Businesses Act (" MCRBA "), and aims to unify payment services regulation under a coherent and comprehensive regulatory framework. In the very next year, the Ghana Interbank Payment and Settlement System reported a total of 77-million transactions process through its platforms (a 103% increase over 2019), with transactions totalling a value of GHS254-billion (about USD40.5-billion at the time of writing). Part 1 - Preliminary Provisions Section 1 - Application of this Act Section 2 - Application of relevant enactments Section 3 - Functions of the Bank of Ghana Part 2 - Payment Systems Advisory Committee Section 4 - Payment Systems Advisory Committee Section 5 - Meetings of the Payment Systems Advisory Committee Section 6 - Disclosure of interest Uganda's National Payment Systems Act (The NPS Act) 2020 which has been referred to as "a stich in time" became operational in September 2020. They are located in Accra. Since our objective was to understand service supply behaviour and incentives related to the NHIS provider payment methods in the context of Ghana and its health system, we went beyond the simple linear theoretical model of Figure 3A,B and drew on realistic evaluation [] and systems thinking theories including the concept of the health system as a CAS [] for our analysis. Home Payment Systems Act, . 10. Date of commencement: 12 September 2014. According to the Bank of International Settlements (BIS), a payment system "consists of a set of instruments, banking procedures and, typically, interbank funds transfer systems that ensure the circulation of money." They are a major channel by which shocks can be transmitted across domestic and international financial systems and markets. Free African Law. 04/25/2022. The Act, passed in March this year and assented to in May, is part of a broader strategy by the Bank of Ghana [] Download : Payment Systems Act, 2014.pdf. the bog in the statement grouped the various licences under the payment system providers (psp) into five - psp electronic money issuer - gh20 million, psp scheme (payments cards like visa and mastercards) - gh8 million, psp enhanced licence (payment platforms like expresspay, etc) - gh2 million, psp medium licence (sub agents for the payment An Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters, to repeal the Moneychanging and Remittance Businesses Act (Chapter 187 of the 2008 Revised Edition) and the Payment Systems (Oversight) Act (Chapter 222A of the 2007 Revised Edition), and to make consequential and related amendments to certain other Acts. Parliament of Ghana 2003 According to Emergent Payments Africa, in Ghana 47.9% of residents have access to only a basic phone. Ghana's new Payment Systems and Services Act, 2019, (Act 987) has created waves in the fintech space in Ghana. The Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) is a wholly owned subsidiary of the Bank of Ghana. African Law (AfricanLII) Botswana e-Laws Ethiopian Law. With the Payment Systems and Settlement law going into effect, mobile money operators will need to set up subsidiaries and seek approval from the Bank of Ghana. . The purpose of the new Payment Systems Act is to (1) amend and consolidate laws and guidelines relating to the connection of payers and recipients of money by payment instruments or. The payment system in Ghana entails the institutional infrastructure arrangements and processes that enables individuals, organizations, business and government to transfer and initiate and also links them with the commercial and central bank liabilities when they monetary raise any claim. Ghana Law (GhaLII) Kenya Law. Dr Ernest Addison, the Governor of the Bank of Ghana, on Tuesday said the Payment Systems and Services Act will help to create an enabling environment for the on-going digitisation processes in . Paving The Way For a Cashless Society A company is not supposed to operate any payment . Determinations; Circulars and Guidelines; Directives; Payment System Management Act; Payment System Management Amended Act; FinTech Innovation Regulatory Framework; Oversight It was incorporated in May 2007 with a mandate to implement and manage interoperable payment system infrastructures for banks and non bank financial institutions in Ghana. They are one of the pioneers when it comes to online payment systems in Ghana. National Payment System. In an earlier article, Nigerian payment system operators were explored. Application of this Act October 26, 2022 Second Deputy Governor's Remarks at. October 6, 2022 view more It is aimed at providing an enabling regulatory environment for digital payments. Its purpose is to: Dr. Ernest Addison, the Governor of the Bank of Ghana, says the Payment Systems and Services Act will help to create an enabling environment for the ongoing digitisation processes in the economy. It is very useful to know that local merchants (taxi drivers, street stall food sellers, etc) do not tend to have change for larger bill notes, so it is always recommended to . The Payment Systems and Services Act 2019 (Act 987), which repeals the previous Payment Systems Act passed in 2003 (Act 662), was assented to by the President of Ghana on 13 th May 2019. Whether this is a contributor or not, but cash is still one of the most widely used and accepted methods of payment.. If you need additional assistance accessing your account, please contact customer care at 877-861-3003. zeepay is also licensed by the financial conduct authority of the united kingdom. Act 612: The Act makes the Bank of Ghana the authority responsible for payment and settlement systems in Ghana. Retention . 22 launched in 2018, One of the functions of BOG is to promote the safety and soundness of all payment, clearing and settlement systems. Commenced on 14 May 2019 AN ACT to amend and consolidate the laws relating to payment systems, payment services and to regulate institutions which carry on payment service and electronic money business and to provide for related matters. Hubtel. Visit their website at dpogroup.com. Ghana's Payment Systems Act came into effect in 2019. 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