The Bank of Ghana is set to receive application for digital credit services from November 3, this year as part of efforts to regulate digital assets, including cryptocurrencies and virtual asset platforms.
This move aims to protect consumers, maintain financial stability, and foster innovation in the digital asset sector.
Speaking at the MTN Mobile Money Fintech Stakeholder Forum in Accra on Wednesday, October 15, the Second Deputy Governor, Matilda Asiedu-Asante, noted that the Central Bank will operationalize the Digital Credit Directive and roll out a virtual assets licensing regime to promote responsible innovation and enhance consumer protection.
We're not merely discussing innovation; we're defining the new rules of trust. This aligns with our twofold mandate: protecting the integrity of the financial system and promoting innovations that advance inclusion and efficiency," she noted.
The Second Deputy Governor emphasized the importance of integrating digital finance into the country's economic policy. She highlighted the rapid growth of digital financial transactions in Ghana, with mobile money transactions continuing to surge and digital credit users exceeding 2.5 million.
She mentioned that the central bank will expand financial literacy and consumer redress mechanisms nationwide to ensure that Ghanaians are aware of their rights and responsibilities in the digital financial ecosystem.
In his remarks, the CEO of MTN Mobile Money Ltd, Shaibu Haruna, highlighted the significance of collaboration in driving the growth and development of Ghana's fintech industry. Haruna emphasized the need for collective action to address challenges and opportunities in the sector.
Haruna noted that while Ghana has made significant progress in providing access to financial services, there is still a need to deepen the usage of these services, particularly in lending and digital assets. He emphasized that these areas are crucial for the industry's growth and that collaboration is essential for success.
We're excited about the framework and will work with all our partners to ensure that we carry this to the next level. What this market needs is growth in credits, because credits tend to have a multiplier effect on the economy."
Addressing Defaulters, he stated.
Regarding concerns about customers taking advantage of the system by defaulting on loans, Haruna acknowledged the issue and emphasized the need for collective responsibility. He stated that MTN MoMo would work with regulators and industry stakeholders to develop mechanisms to blacklist defaulters and prevent them from participating in the ecosystem.
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