Wednesday, February05, 2020 11:32 AM /  by CryptoDavid of BitcoinKE / Header Image Credit: My Joyonline

TheBank of Ghana (BoG) has been named the African Central Bank of the Year for2019 by Central Banking Awards following impressive achievement in reformingthe Ghanaian banking sector.

Amongthe achievements highlighted for the award include:

• Reforms on a poorly-managed banking sector
• 5-year strategy on improving growing digital payments and financial inclusion
• Policy on environmental sustainability and social responsibility
• 2020 plans for a fintech regulatory sandbox
• Management of the physical currency
• A tighter monetary policy

Thecentral bank's five-year strategy for improving payments, published in 2019 andbuilding on a previous plan, puts great emphasis on fostering the growth ofelectronic means of payments and increasing financial inclusion. One key aim isto broaden the type of institutions that can offer payment services. This kindof initiative has brought excellent results in other African countries, wherethe entry of telecoms companies to the payments market has vastly expandedaccess to banking services.

Itfurther added:

Thecentral bank wants to make it possible to use QR codes to carry outtransactions. It also plans to have a regulatory sandbox in place for fintechcompanies by the end of 2020. In October 2018, the central bank created a cybersecurity centre to aid the banking sector in dealing with this evolving risk.

Recently,the Bank of Ghana (BoG) said that it was considering the release of the digitalversion of the national currency, e-Cedi.

Thecoming regulatory fintech sandbox is likely to include some crypto startups inGhana as the fintech community has been lobbying for this to happen for a whilenow.

In2019, Digital and Virtual Currencies Operations in Ghana - Bank of Ghana sayingit was investing a lot of resources to further enhance the payments andsettlements system, including digital forms of money.

Partof the statement read:

Whilethe Bank of Ghana acknowledges the enormous potential in the blockchaintechnology and how that can significantly transform the payments systemlandscape and promote financial inclusion, we are assessing with stakeholdersand other international partners how the subsequent use of the blockchaintechnology into digital currencies would fit into the global financial andpayments architecture.

Arevised Payments System Act referred to as Payment Systems and Services Bill isalready under consideration by the Parliament in Ghana.

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