Mr. Chairman, for the payment system to operate efficiently, it must be subjected to strong legal and regulatory frameworks to provide certainty to all stakeholders. In this regard, the Bank of Ghana initiated processes that led to the passage of the Payment Systems and Services Act 2019, (Act 987) to provide an enabling regulatory regime for digital payments. 11.
For all intents and purposes, the Act seeks to promote innovation in the design and delivery of payment products and services by widening the scope of the payments industry to Fintechs and engendering competition. It is expected that Fintechs’ innovations will deliver products that meet the needs of all stakeholders, whether banked or unbanked and underserved, to attract them into the digital payment space.