The Bank of Ghana (BoG) has issued guidelines for domestic processing of payment card transactions with payment cards issued in the country.

The new guidelines are to regulate the processing of payment card transactions in Ghana.

The Bank of Ghana says it is committed to promoting an efficient payment ecosystem through the promotion of electronic modes of payments as alternatives to cash payments.

Payment cards are a tangible, convenient, flexible and secure alternative to cash. Notwithstanding the availability of various payment card options in Ghana, adoption and use are significantly low due to factors such as cost, security and technological challenges.

Offshore processing of payment card transactions has been identified as one of the key drivers in the high cost of processing payment card transactions.

It is envisaged that the domestic processing of payment card transactions which would be charged in Ghana cedis would reduce the cost of processing payment card transactions.

These guidelines are issued to companies providing payment card processing services to localize the processing of payment card transactions in Ghana with payment cards issued in Ghana.

According to the BoG, the objectives of the new guidelines are to require the localization of the processing of payment card transactions in Ghana with payment cards issued in Ghana, provide a framework for the licensing and regulation of payment cards processing, and provide an enabling environment for payment card processing and usage in Ghana

These guidelines cover the domestic processing of payment card transactions with payment cards issued in Ghana and licensing of card processing entities.

It applies to International Card Schemes, Enhanced Payment Service Providers (EPSP), among others.