The Bank of Ghana (BoG) is set to migrate all payment systems of banks in the country from magnetic chip to Europay-MasterCard-Visa (EMV) chip-based cards in 2017.

The central bank of Ghana believes that the move will help to enhance security and reduce fraud in electronic transactions.

Speaking at the inauguration of the Payment System Council, Bank of Ghana governor Abdul Nashiru Issahaku said: “The Bank of Ghana in collaboration with the banking industry is migrating all payments cards from magnet stripes standard to EMV chip and pin standard this year. This is to enhance security and reduce fraud in the industry,

“Notwithstanding this laudable achievement cash still dominate payment transactions and sadly. A large number of our people are excluded from the formal financial sector. A lot remains to be done to development the payment system.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.