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Only Ghana Card To Be Used For Transation From July 1 - BoG Directs.

The Ghana Card will be the only recognized identification in banks and other regulated financial institutions from July 1, 2020.

In line with section 30 of the Anti-Money Laundering Act, 2020 (Act 1044) and Regulation 12 of the Anti-Money Laundering Regulations, 2011 (L.I. 1987), the Bank of Ghana in a statement issued on Wednesday, January 19, 2022, urged all regulated financial institutions to take steps to update customer records with the Ghana Card.

The BoG in a statement said, “in furtherance of its objective of ensuring the safety of the financial system, Bank of Ghana pursuant to 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”.

However, aside from banks, the relevant institutions include specialised deposit-taking institutions, non-Deposit-Taking financial institutions, payment service providers, and dedicated electronic money issuers; forex bureaus, and credit reference bureaus.

The central bank said in a statement copied to GhanaWeb said the move is to ensure that transactions have one identity and are traced and tracked.

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Bank of Ghana Ghana Ghana Card L.I. Regulation


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