BoG inaugurates Electronic Money Issuers Chamber

The Bank of Ghana has launched the Electronic Money Issuers (EMI) Chamber of Ghana, marking a pivotal moment in the country’s financial sector.

This new body, dedicated to representing electronic money issuers, is seen as a significant step towards expanding financial inclusion and ensuring specialized advocacy for this rapidly growing sector.

Dr. Maxwell Opoku-Afari, the First Deputy Governor of the Bank of Ghana, who delivered the keynote address at the launch event held at the Accra Marriott Hotel on October 3, 2024, emphasized the importance of digital financial services in Ghana’s economic growth.

“Today’s launch signals the beginning of a new chapter in our digital financial landscape, where collaboration, innovation, and advocacy will increase financial inclusion,” he remarked.

He highlighted the transformative role that mobile money services have played in replacing traditional banking methods, with over 23 million active mobile money wallets currently in use in the country.

The Deputy Governor underscored that mobile money has not only simplified transactions but has also become a vehicle for introducing many Ghanaians to broader financial services such as insurance and pensions.

He pointed out that the mobile money sector now supports over 800,000 registered agents, contributing a total float account balance of GH¢ 22 billion held by banks.

The formation of the EMI Chamber is timely, given the unique challenges and opportunities facing the sector. While the Ghana Telecommunications Chamber has previously advocated for mobile money operators, the new chamber will focus on the specific needs of electronic money issuers.

“The complexities of the digital finance sector warrant a dedicated body to represent the specific interests of EMIs,” Dr. Opoku-Afari said.

He also noted that the Bank of Ghana has worked closely with stakeholders to develop key policies that have shaped the sector, including the Electronic Money Issuer Guidelines 2015 and the Payment Systems and Services Act, 2019.

This collaboration has positioned Ghana as a leader in financial inclusion, with over 90 percent of the population now able to access financial services, according to the 2021 FinScope Report.

Dr. Opoku-Afari concluded by encouraging the new chamber to maintain a strong commitment to compliance, particularly in the areas of cybersecurity, anti-money laundering, and consumer protection, as the nation works towards creating a more inclusive financial future.

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