Non compliant fintechs to lose licenses – BoG

The Bank of Ghana will revoke the license of any financial technology company that fails to comply with regulatory requirements outlined in the new payment systems and services bill.

The fintechs are expected to be compliant at a time where electronic payment systems are increasing significantly.

This caution is also contained in the Bank of Ghana’s 2017 Payment systems report.

The Bank of Ghana explains that the decision to withdraw the licenses is necessary following the potential risks such fintechs may pose to the financial sector when left unregulated.

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