The Bank of Ghana (BoG) has introduced new regulatory requirements for major mobile money and payment service operators as part of efforts to strengthen the country’s financial system and improve the reliability of electronic payment services.
The new framework focuses on institutions considered systemically important to Ghana’s payment infrastructure, requiring them to operate under enhanced regulatory supervision and meet additional obligations.
In a notice dated November 5, 2026, identified as Notice No. BG/GOV/SEC/2026/41, the central bank announced the designation of selected payment systems and service providers as Systemically Important Payment Systems (SIPS) and Systemically Important Payment Service Providers (SIPSPs).
Among the institutions affected by the new regulatory framework is MobileMoney Fintech Limited, the company responsible for operating MTN Mobile Money in Ghana.
The Bank of Ghana also designated the Ghana Interbank Settlement (GIS) System as a Systemically Important Payment System and the Ghana Interbank Payment and Settlement Systems (GhIPSS) as a Systemically Important Payment Service Provider.
These institutions play significant roles in Ghana’s financial infrastructure, facilitating transactions and the movement of funds between individuals, businesses and financial institutions.
According to the central bank, the designations reflect the importance of these organisations to the smooth functioning of the country’s payment ecosystem.
The new requirements are intended to reduce potential risks associated with disruptions to critical payment services and strengthen confidence in Ghana’s financial system.
Under the framework, institutions classified as systemically important will be subject to enhanced regulatory expectations and supervisory obligations.
The measures are expected to improve operational resilience, risk management and the overall reliability of payment services, particularly as electronic transactions continue to expand across the country.
Mobile money has become an important part of everyday financial activities in Ghana, allowing millions of users to send and receive money, pay bills, purchase goods and access various financial services without necessarily visiting traditional banking institutions.
The designation of MobileMoney Fintech Limited therefore highlights the growing importance of mobile money operations to Ghana’s broader financial system.
The Bank of Ghana explained that the framework was developed under the Payment Systems and Services Act, 2019 (Act 987), which provides the legal foundation for regulating payment systems and service providers in the country.
The central bank will also conduct periodic reviews of the institutions’ designations at least once every two years.
The reviews will consider factors such as the institutions’ risk profiles, their importance to the financial system, developments in the payment services market and their level of regulatory compliance.
This approach is expected to ensure that the regulatory classifications remain relevant as Ghana’s digital financial services sector continues to develop.
The introduction of the framework comes amid the growing use of mobile money and other electronic payment platforms in Ghana, where digital transactions have become increasingly important for businesses, consumers and financial institutions.
However, the Bank of Ghana’s announcement does not automatically introduce new mobile money transaction charges or change existing withdrawal limits for customers.
Rather, the primary objective is to strengthen oversight of major payment operators and ensure that critical financial services remain reliable and resilient.
The new regulatory requirements are expected to reinforce the central bank’s efforts to protect the stability of Ghana’s payment infrastructure while supporting the continued growth of digital financial services.
Source: Thepressradio.com
