Business News of Wednesday, 1 September 2021Source: thebftonline.comIn an effort to reduce the cost of processing card transactions, the Bank of Ghana (BoG) has issued guidelines to localize the processing of payment card transactions, which would be charged in Ghana cedis. The central bank in a release said: “Offshore processing of payment card transactions has been identified as one of the key drivers in the high cost of processing payment card transactions. Notwithstanding the availability of various payment card options in Ghana, adoption, and use is significantly low due to factors such as cost, security, and technological challenges.”These guidelines were issued to companies providing payment card processing services to localize the processing of payment card transactions in Ghana with payment cards issued in Ghana. This applies to entities including international card schemes; enhanced payment service providers; payment service provider schemes (domestic card schemes); designated payment systems. The guidelines provide a framework for the licensing and regulation of payment cards processing, as well as an enabling environment for payment card processing and usage in Ghana.
