The Director General of the National Communications Authority (NCA), Rev. Ing. Edmund Fianko, has revealed that the NCA and the Bank of Ghana (BoG) will soon sign a Memorandum of Understanding (MoU) to create a standardised policy for regulating mobile money operations in Ghana.
This action was proposed at a vital stakeholder meeting hosted at the NCA Tower by the National Communications Authority (NCA) to promote security, trust, and regulatory cooperation within Ghana’s Digital Financial Services (DFS) ecosystem.
Goals of the proposed MoU between NCA and BoG
He clarified that these actions aim to protect the integrity of financial systems and to plug any gaps that malicious actors might exploit.
The International Telecommunication Union (ITU), the Bank of Ghana (BoG), the National Identification Authority (NIA), and the West Africa Telecommunications Regulators Assembly (WATRA) were among the critical organisations that attended the meeting to discuss ways to boost public trust in mobile money and other digital payment systems.
During the meeting, Rev. Ing. Edmund Fianko, the NCA’s Director General, stated that this kind of cooperation was now required as the financial industry continued to evolve.
He emphasised that mechanisms for ensuring consumer safety must be implemented to foster confidence in using these financial services.
He acknowledged that the NCA does not have direct control over mobile money transactions, but pointed out that the Authority still gets several complaints about them, underscoring the need for more action.
“Mobile money customers were first telecom customers. We need to collaborate to ensure that users of these services have full confidence in them,” he said.
Commitment to creating a clear roadmap for the regulations of mobile money operations
One of the meeting’s primary outcomes was the commitment to create a clear roadmap and a DFS Security Test Laboratory in Ghana.
Thanks to this facility, Ghana can independently test mobile payment applications for security compliance with the DFS Security Assurance Framework and ITU guidelines.
This program supports Ghana’s expanding financial technology industry and is in line with the NCA’s mission to safeguard consumers, encourage innovation, and create a safe online environment.
Mr. Wisdom Yayra Koku Deku, the National Identification Authority’s (NIA) Acting Chief Executive Officer (CE0), and a representative from the Bank of Ghana (BoG) attended the meeting.