August 15, 2022

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Monetary transactions will likely be allowed even with out Ghana card from 1st July – GAB assures

3 min read

The Ghana Affiliation of Banks has confident that in spite of the top of the length given for patrons of economic establishments to replace their knowledge with the Ghana Card, they are going to be capable to nonetheless perform banking transactions even with out the cardboard.

The directive in regards to the replace of the information of shoppers of economic establishments used to be issued via the Financial institution of Ghana on January 19, 2022.

In step with the directive, all authorized and controlled monetary establishments underneath the Central Financial institution, are to just accept handiest the Ghana Card for transactions from July 1, 2022.

Consistent with the attention from the Central Financial institution, the transfer is in furtherance of the Central Financial institution’s purpose of making sure the security of the monetary ecosystem.

Establishments which can be required to just accept handiest the Ghana card for monetary transactions come with Banks, Specialized Deposit-Taking Establishments; Non-Deposit-Taking Monetary Establishments; Fee Provider Suppliers and Devoted Digital Cash Issuers, the Forex market Bureaus and Credit score Reference Bureaus.

Whilst more than one stakeholders in Ghana’s banking business welcomed the transfer via the Financial institution of Ghana, pronouncing it’s going to test fraud and sanitise the rustic’s monetary device, others had been fairly sceptical and anxious in regards to the destiny in their hard earned finances particularly as some had been suffering to acquire the Ghana card.

John Awuah is the CEO of the Ghana Affiliation of Banks, and he assures that without or with the Ghana Card, Ghanaians will nonetheless be capable to adopt banking transactions.

“In case you have your Ghana Card however for one reason why or the opposite you haven’t been ready to replace your report, you don’t have to fret. Every time you make a decision to execute a transaction and also you produce your Ghana Card, at that level, your financial institution can replace your report, and also you must be capable to transact. Even in scenarios the place you don’t have the Ghana Card, perhaps for some reason why, it’s inconceivable so that you can get it now, you’re going to proceed endeavor your transaction as you’ve all the time performed. The one factor is that possibly the financial institution might ask you some extra questions, and a few degree of enhanced due diligence will likely be undertaken. Whether or not you may have a Ghana Card or now not, the account and cash in it stay yours, therefore the financial institution won’t prevent you from having get entry to.”

He in the meantime suggested Ghanaians to take steps to get their Ghana Playing cards in the event that they haven’t and replace their information to make sure their finances obtain an additional layer of coverage.

“It’s in our passion as a result of the additional security measures that the Ghana card has, which can move some distance to make sure the security and sanctity of banking transactions.”