NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Tuesday, June 28, 2016

The Speaker of Parliament, Edward Doe- Adjaho has ruled to disallow a proposed amendment by the Member of Parliament for New Juaben South, Dr. Mark Assibey –Yeboah, to the Banks and Special Deposit-taking institutions bill, currently at the consideration stage.

The proposed amendment could have put a temporary ban on mobile money services until proper regulations are put in place by the Bank of Ghana. The MP had asked Parliament to compel the Minister of Finance to bring before the House regulations governing mobile money transactions for amendment.

Dr. Assibey-Yeboah, argues that he was forced to take such a move in the interest of the country since there is no Legislative Instrument (LI) backing such transactions. He explained that currently, the only rules governing e-money business which covers Mobile money transactions, are only administrative guidelines issued by the Bank of Ghana saying they are sometimes not adhered to.