The Bank of Ghana says with effect from 1st July, this year, the Ghana Card shall be the only identification document that will be used for transactions at all Bank of Ghana’s licensed and regulated financial institutions.
These include Banks, Specialized Deposit-Taking Institutions, Non-Deposit-Taking Financial Institutions, Payment Service Providers and Dedicated Electronic Money Issuers, Forex Bureau and Credit Reference Bureau.
The BoG has therefore advised all its customers to update their records with their respective financial institutions with the Ghana Card as stated under Section 30 of the Anti-Money Laundering Act, 2020 (Act 1044) and Regulation 12 of the Anti-Money Laundering Regulations, 2011 (L.I. 1987).
The BoG in a statement signed by its Secretary, Sandra Thompson, said for “Know Your Customer’’ purposes, the National Identification Authority verification transaction platform will be integrated into the Bank of Ghana’s financial monitoring platform which will 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 Banks, Non-bank Financial Institutions and Mobile Money Operators (MMOs). It added that the Public is to note that no other form of identification will be accepted for financial transactions in the Bank of Ghana after July 1, 2022