Ghana: BoG to migrate electronic payment systems
The migration is to reduce illicit financial transaction on electronic payment platformsFollowing recent calls on the Bank of Ghana (BoG) to tighten security on electronic payment platforms, the Bank has unveiled plans to move the payment systems of all banks from magnetic chip to Europay-MasterCard-Visa (EMV). After fraudsters had used magnetic cards to withdraw money illegally from Automated Teller Machines (ATM) in Accra, the development from BoG is designed to reduce illicit financial transactions on electronic banking instruments (debit and credit cards) to the barest minimum. Announcing the development in a press conference in Accra, Governor of the Bank of Ghana, Dr Johnson Asiama, stated that the BoG and banks will collaborate to ensure smooth migration of all banks to EMV chips this year. "The Bank of Ghana in collaboration with the banking industry is migrating all payments cards from magnet stripes standard to EMV chip and pin standard this year. This is to enhance security and reduce fraud in the industry," he said. Electronic banking products and services in Ghana have changed the nature and way of financial service delivery in Ghana. However, insecurity on electronic banking platforms in Ghana has made traditional banking more prevalent. Gcknowledging this, the BoG governor assured that the new electronic banking system will improve formal financial sector inclusion.