The Bank of Ghana has designated Ghana Interbank Payment and Settlement Systems (GhIPSS) and MobileMoney Fintech Limited, operators of MTN Mobile Money, as Systemically Important Payment Service Providers, subjecting them to enhanced regulatory supervision.
The designation reflects the critical role both institutions play in maintaining the stability, efficiency and resilience of Ghana’s payment ecosystem. In a notice, the Central Bank also classified the Ghana Interbank Settlement (GIS) System as a Systemically Important Payment System.
The move forms part of a new regulatory framework introduced under the Payment Systems and Services Act, 2019 (Act 987), aimed at strengthening oversight of payment systems and service providers whose operations are considered vital to the country’s financial sector.
Under the framework, the designated institutions will be required to meet enhanced supervisory standards designed to minimise systemic risks and ensure the continuous availability of essential payment services.
The Bank of Ghana indicated that the designations will be reviewed at least once every two years, taking into consideration the institutions’ risk profiles, systemic importance, developments in the market and compliance with applicable regulatory requirements.
The development highlights the increasing significance of digital payment infrastructure to Ghana’s financial system and the need for stronger regulatory safeguards to prevent disruptions that could have far-reaching implications for the wider economy.
