The Bank of Ghana (BoG) has informed all licensed financial institutions and the public that from July 1, 2022, the Ghana Card will be the only identification card accepted for any form of banking or financial transaction in the country.
According to a statement signed by the central bank and seen by Citi Business News, the move is aimed at ensuring the security of the financial system.
"Pursuant to Regulation 7 of the National Identity Register, 2012 (L.I. 2111), the Bank of Ghana hereby directs that from July 1, 2022, the Ghana Card will be the only identification card that can be used for transactions at all financial institutions licensed and regulated by the Bank of Ghana," the BoG said in the statement.
These institutions include specialized deposit-taking institutions, non-deposit-taking financial institutions, payment service providers and specialized e-money issuers, foreign exchange bureaus, and credit reference bureaus.
"In accordance with this notice, Section 30 of the Anti-Money Laundering Act of 2020 (Act 1044) and Regulation 12 of the Anti-Money Laundering Regulations, 2011 (L.I.1987), all financial institutions must take steps to update customer records with the Ghana Card."
The BoG also urged financial institutions and their customers to update their Ghana Card records in accordance with the notice.
"For KYC purposes, the National Identification Authority's transaction platform will be integrated with the Bank of Ghana's financial monitoring platform. This is to ensure that all financial transactions conducted within the ecosystem are linked to identity and information and unique codes for the transactions are shared with the Bank of Ghana (BoG) to facilitate identification of initiators/beneficiaries for traceability purposes.
This applies to transactions by banks, non-bank financial institutions, and Mobile Money Operators (MMOs), among others," the statement said.
The central bank also warned that after the specified date (July 1, 2022), no other form of identification will be accepted for financial transactions in the Bank of Ghana.