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Stakeholders in the FinTech and cryptocurrency sectors have been charged with upholding consumer protection in their operations.
The Director of Fintech and Innovation at Bank of Ghana, Mr. Kwame Oppong stated this while speaking at a two-day Africa Money and Decentralised Finance (DeFi) Summit – West Africa edition held in Accra.
According to him, the sophistication of new trends in FinTech and similar services has led to another challenge to the regulation of the industry as well as the protection of consumer interest.
He noted that the Bank of Ghana, in its bid to regulate such operations has mandated fintech firms to be licensed to provide such digital financial services under a proportionate and risk-based licensing regime.
“For this reason, the Bank of Ghana implemented reforms to enable innovation in the financial services industry without compromising financial stability of which the Payment and Services Act of 2019 is at the care.
“The elevations of these team players are positively disrupting the financial services industry and generating competition while encouraging strategic partnerships among these banks and financial technology providers,
“The interest of the investors both local and international continues to increase on the account of the favorable regulatory regime and the abundance of opportunities. Similarly, the bank is noted for its open-door policy and constructive engagement with industry stakeholders, prospective service providers, and innovators.
“The Ghanaian ecosystem is still an upcoming frontier market and therefore it takes these studies and findings seriously. Our regulatory stance is in line with our mandate to ensure the financial stability of which consumer protection and financial integrity are essential components” he explained.
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