The Bank of Ghana (BoG) has directed banks and other financial institutions to accept Ghana Card as the only identification card for all financial transactions from July 2022.
According to BoG, the public is to note that no other form of identification will be accepted for financial transactions after the effective date.
“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,” the Secretary to BoG, Sandra Thompson disclosed.
These Financial institutions include Banks, Specialized Deposit-Taking Institutions, Non-Deposit-Taking Financial Institutions, Payment Service Providers and Dedicated Electronic Money Issuers and Forex Bureaus and Credit Reference Bureaus.
The BoG also indicated that in line with the 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,” she added.
According to her, 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 or beneficiaries for track and trace purposes.
This shall also include but not limited to transactions by banks, Non-bank Financial Institutions and Mobile Money Operators (MMOs).