Ghana: Adopted Ministry of Finance Digital Financial Services Policy
Description
Adopted Ministry of Finance Digital Financial Services Policy
On 18 May 2020, the Ministry of Finance adopted the Digital Financial Services Policy to guide collaboration with industry stakeholders in creating a digital financial ecosystem. The policy's measures include tiered Know Your Customer (KYC) processes, data-sharing frameworks, and interoperable payment systems. The policy supports innovation through regulatory sandboxes, open APIs, and tax incentives for digitising payments. It also emphasises infrastructure improvements, such as upgrades to the Ghana E-Payment Portal (GEPP) and biometric-enabled payment systems.
Original sourceScope
Policy Area
Design and testing standards
Policy Instrument
Interoperability requirement
Regulated Economic Activity
cross-cutting, infrastructure provider: internet and telecom services, digital payment provider (incl. cryptocurrencies), ML and AI development, software provider: app stores, software provider: other software, infrastructure provider: cloud computing, storage and databases, infrastructure provider: network hardware and equipment
Implementation Level
national
Government Branch
executive
Government Body
central government