Banks tell customers to update records with Ghana Card in line with BoG directive

Banks and Financial Institution operating in Ghana have reminded customers of the directive by the Bank of Ghana (BoG) regarding the use of the GhanaCard as the only form of identification for financial transactions starting July 1.

Stanbic Bank in a message to customers said “By BOG regulations, the Ghana Card will be the only ID card to use for financial transactions effective July 1. Please remember to present it when you visit our branches. You may call your RM to update your records or visit any Stanbic branch to complete the process.”

Stanbic Investment Management Services (SIMS) also said in a message to partners that “Following the issuance of Bank of Ghana’s notice on the ‘Use of the Ghana Card for all Financial Transactions’, please note that with effect from July 1, 2022, the Ghana Card will be the only form of identification that will be accepted for transactions.

“Kindly visit your Bankers to update your records with a valid copy of your Ghana Card if you have not already done so. A copy of your Ghana card should also be submitted to SIMS.”

The BoG on Wednesday, January 19 directed that the GhanaCard shall be the only identification card to undertake transactions at all Bank of Ghana licensed and regulated financial institutions.

These include Banks; Specialized Deposit-Taking Institutions; Non-Deposit-Taking Financial Institutions; Payment Service Providers and Dedicated Electronic Money Issuers; Forex Bureaus and Credit Reference Bureaus.

“In furtherance of its objective of ensuring the safety of the financial system, Bank of Ghana under Regulation 7 of the National Identity Register, 2012 (L.I.2111), hereby directs that with effect from 1st July 2022, the Ghana Card shall be the only identification card that will be used to undertake transactions at all Bank of Ghana licensed and regulated financial institutions including

i. Banks

ii. Specialized Deposit-Taking Institutions

iii. Non-Deposit-Taking Financial Institutions

iv. Payment Service Providers and Dedicated Electronic Money Issuers

v. Forex Bureaus and Credit Reference Bureaus.

“For KYC purposes, the National Identification Authority verification transaction platform will be integrated into the Bank of Ghana’s financial monitoring platform.

This is to ensure that all financial transactions performed within the ecosystem are linked to one identity and information, and unique codes for the transactions are shared with the Bank of Ghana (BoG) to facilitate the identification of initiators/beneficiaries for track and trace purposes. This will include but is not limited to transactions by

i. Banks

ii. Non-bank Financial Institutions and

iii. Mobile Money Operators (MMOs).

“The Public is to note that no other form of identification will be accepted for financial transactions in Bank of Ghana after the effective date stated above,” a statement issued by the central bank said.