Financial sector regulators have moved to sanitize the financial system through the introduction of a sanction regime to minimize financial fraud especially in the Fintech space.
This sanction list will be devolved by the Financial Intelligence Centre in partnership with the Bank of Ghana and fintech players. It is also in line with global best practices to protect customers and boost confidence in the fintech ecosystem.
“It is important that we build a trusted fintech ecosystem. We have looked at the area of cyber security but in Africa, Ghana’s fintech ecosystem has done a lot and is a beacon of hope for other jurisdictions on the continent. So, we continue to strive to improve service offering, controls and integrity and the fintech system”, said Assistant Director of Fintech at the Bank of Ghana, Clarence Blay.
He was speaking at a recent workshop by Financial Intelligent Centre on anti-money laundering and Countering the Financing of Terrorism.
Clarence Blay underscored the need for a robust frame to check illegal activities to enhance financial inclusion.
“We have work to create a proportionate regulatory regime in the industry. We should also consider developing our local list based on our own experience to complement what we have globally, this is going to reinforce the fintech industry and further enhance the ecosystem”, he added.
On his part, the Chief Executive Officer of the Financial Intelligence Centre, Kwaku Duah said the Centre will equip service providers to comply with regulatory standards.
“Financial fraud is one of the vulnerable areas, so we have to ensure that we put our house in order in that aspect. Sensitization is part of our duty not only in fintech but all other areas we keep educating the public. So, with proper guidance, we hope that our things will be okay in that area”.
