Payment Systems Oversight Annual Report 2020

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PAYMENT SYSTEMS OVERSIGHT

ANNUAL REPORT, 2020

Payment Systems Department

Bank of Ghana

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Governor's Foreword

The year 2020 has been eventful for the payment service industry on account of the COVID-19 and increased technology, innovation and changes in consumer preferences. Financial institutions have adjusted to the new norm, innovated and partnered with Financial Technology Firms (FinTechs) to deliver various digital financial services.

The Bank of Ghana instituted various policy measures that promoted digital payment as a means to help curb the spread of the COVID-19 virus.

We have witnessed significant increase in digital payment in year 2020 which has reflected in all payment streams.

The Ghana Interbank Payment and Settlement System (GhIPSS) reported an increase of 103 per cent in transactions processed across all its platforms as at the end of 2020. A total of 77 million transactions were processed across all the platforms, compared to 38 million transactions

processed in 2019. The value of transactions processed in 2020 was GHC 254 billion, a 16% increase compared to the GHC 219 billion processed in 2019. Mobile Money Interoperability, GhIPSS Instant Pay and Proxy Pay also recorded significant growth.

The Payment Systems Advisory Committee was inaugurated in 2020 to advise the Bank on regulation, oversight, operational and technical stands of payment, clearing and settlement systems.

Given its mandate under the Payment Systems and Services Act 2019 (Act 987), the Committee formed five working groups with membership drawn from mobile network operators, merchants, consumers, payment service providers, Fintechs and third-party providers to support its work.

The Bank of Ghana continued to stay focused on promoting financial inclusion, protecting the payment systems landscape and collaborating

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with relevant stakeholders to help preserve the gains made in digital payment.

Once again, as a central bank, we have successfully sailed through another turbulent year, and delivered on our mandate of monetary and financial stability, despite the adverse effects of the COVID-19 pandemic.

I conclude by expressing my profound gratitude to the Board of Directors, the Monetary Policy Committee, Payment Systems Advisory Committee,

Management and Staff of the Bank for their support, hard work and commitment. Together, I am hopeful that we will continue to safeguard the payment systems landscape while promoting innovation in the financial ecosystem.

Dr. Ernest K. Y. Addison

Governor, Bank of Ghana

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