GHANA:BOG hints at introducing mobile payments for accessing Collateral Registry

The Bank of Ghana says it is working to introduce mobile payments for persons interested in making checks on the collateral registry. 

The registry was established under the lenders and borrowers act to facilitate access to finance through secured lending. 

Speaking at the launch of the financial literacy and awareness campaign on credit reporting system and collateral registry, the Deputy Registrar, for the Collateral Registry Department at the Bank of Ghana, Fred Asiamah Koranteng said the Bank is in talks with the National Information Technology Agency (NITA) to introduce mobile payments to make the registry more accessible.

Mr Asiamah Koranteng said, “We are working to improve upon our payment methods when it comes to the prepaid which is for you and me, people have to go to the bank of Ghana to pay then get a code before getting to the registry for the search.

We agree it’s inefficient. So we are in discussions with NITA to assist us so that moving forward, wherever you are, you can use your mobile phone to pay for the services of the registry,” he said.

The financial literacy and awareness campaign on credit reporting system is aimed at educating the public on the nation’s credit systems to facilitate access to credit.

On his part, Godfred Cudjoe from the financial stability department of the Bank of Ghana further encouraged individuals to check their credit reports to enhance their eligibility for loans.

“We entreat everyone to visit the credit reference bureau and obtain a free credit report on yourself because you need to be aware of your records with the banks. Gone are the days when you can go for alone and not pay and think you have gone scot free. This time it's not so,” he said