The Payment Systems and Services Bill of 2017 clarifies authority given to the Bank of Ghana, and the validation procedure for relevant financial institutions. The financial institutions include banks, affiliates and agents of banks, specialized deposit taking institutions, dedicated electronic money issuers, and Payment Service Providers. The related financial institutions are required to report their business status to the Bank of Ghana, which holds ultimate responsibility for authentication and supervision.
The bill also mandates financial institutions to protect consumers and customer information. For instance, Article 41 specifies consumer complaint procedures, and dispute settlement process is outlined in Article 63.
This bill is intended to be read in juxtaposition with the Bank of Ghana Act of 2002, the Companies Act of 1963, Banks and Specialized Deposit-Taking Institutions Act of 2016, Electronic Transactions Act of 2008, and Bills of Exchange Act of 1961.