The Ghana Card will be the only identification for banking or financial transactions from July 1, 2022. The Bank of Ghana in issuing the directive has advised customers of banks and financial institutions to update their records accordingly.
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 1 July 2022, the Ghana Card shall be the only identification card that will be to undertake transactions at all Bank of Ghana licensed and regulated financial institutions including:
- Specialized Deposit-Talking Institutions;
- Non-Deposit-Talking Financial Institutions
- Payment Service Providers and Deliciated Electronic Money Issuers;
- Forex Bureaus and Credit Reference Bureaus
In line with the Notice, Section 30 of the Anti-Money Laundering Act. 2020 (Act 1044) and Regulation 12 of the Anti-Money Laundering Regulations, 2011. (L.I. 1987), all financial institutions shall take steps to update customer records with the Ghana Card.
Customers of Bank of Chan regulated financial institutions are therefore advised to date their records with their respective financial institutions with the Ghana Card in line with this Notice.
For KYC purposes, the National Identification Authority (NIA) verification transaction platform will be integrated into the Bank of Ghana’s facial 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 (DOG) to facilitate the identification of initiators/beneficiaries for track and trace purposes. This will include but not be limited to transactions by
- Non-bank Financial Institutions,
- Mobile Money Operators (MMOs)
The Public is to note that no other form of identification will be accepted for financial transactions in the Bank of Ghana after the effective date stated above.