The Bank of Ghana, BoG has published guidelines for domestic processing of payment card transactions with payment cards issued in Ghana.
The Bank of Ghana said it is committed to promoting an efficient payment ecosystem through the promotion of electronic modes of payments as alternatives to cash payments.
According to them, payment cards are a tangible, convenient, flexible and secure alternative to cash.
BoG explained that "notwithstanding the availability of various payment card options in Ghana, adoption and use are significantly low due to factors such as cost, security and technological challenges."
"Offshore processing of payment card transactions has been identified as one of the key drivers in the high cost of processing payment card transactions. It is envisaged that the domestic processing of payment card transactions which would be charged in Ghana cedis would reduce the cost of processing payment card transactions."
"These Guidelines are issued to companies providing payment card processing services to localise the processing of payment card transactions in Ghana with payment cards issued in Ghana."
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