Cashless Economy: New Payment Bill Before Cabinet

Cabinet is currently considering the new Payment Systems and Services Bill for onward submission to Parliament for passage soon.

The eventual passage of the law should address all outstanding concerns that have emerged following the rise in the use of digital technology.

The Head of the Payment Systems Department of the Bank of Ghana, Dr. Settor Amediku disclosed this to Citi Business News when he engaged some stakeholders in the digital financial space to deliberate on new systems of improving the ecosystem.

According to him, the new law should sanitise the digital space.

“The government itself is highly committed to get this Bill passed and we've had a lot of support from the economic management team. The members really expressed their willingness to support the bill and we currently have the Finance Minister and his deputies who have promised to do everything possible to ensure that the Bill is passed within the shortest possible time. The Finance Committee in Parliament is also ready to help us ensure that this bill is passed based on the public interest in the bill,” Dr. Amediku explained.

The new Payment Systems and Services Bill is to replace the current electronic money issuers guidance being used by the industry.

The move to pass a new law has also become apparent following the increased use of fintech products as well as other digital platforms for financial transactions.

The Bank of Ghana recently announced that it has not sanctioned the use of crypto currencies as means of exchange after appeals for the currency to be adopted.

It followed reports suggesting that the central banks allows the use of the virtual currency as it has been adopted by some economies to drive financial inclusion.