Sunday, January 23, 2022

Bank of Ghana begins online payment service for Collateral Registry System

Must read

I’m not Finance Minister’s son; I’m a private businessman – Tom Tom reacts to mischievous video

A Kumasi-based private businessman popularly known as TOM TOM has responded to some mischievous videos being circulated on social media by some NDC supporters...

Stakeholders collaborate to address deforestation and boost cocoa production

A stakeholders’ workshop to discuss measures to address deforestation and boost cocoa production in the Ahafo Region has been held at Goaso. It was also...

AfCFTA Secretariat rolls out ‘vision’ initiative backed by ‘super-app’

With barely two weeks left to the Extraordinary Summit of African Union Heads of State on 5th December, 2020, ahead of the expected start...

Ghana’s Port now a preferred choice of shipping lines due to operational efficiencies – Michael Luguje

The Director-General of the Ghana Ports and Harbours Authority, Michael Luguje has revealed that developments in Ghana’s ports have positioned the country at a...
EllSamwise King
Civil Engineer & IT Expert, Blogger, Entrepreneur, and Philanthropist. CEO of Skyline Consortium & Heylux Inc. An alumnus of Prempeh College where he read General Science. Holds a first class degree in BSc. Civil Engineering from the Kwame Nkrumah University of Science and Technology & BSc. Information Technology from NIIT-Ghana. Mentors/role models; Alvar Alto, Rupert Murdoch, Piers Mogan, Mensa Otabil, Bernard ElBernard Nelson-Eshun. Blogs for; www.233times.com | www.paemuka.com | www.ghbreakingnews.com | www.muzikiq.com | www.brandsaid.biz Social Media Mogul and Digital Marketer. SM Manager for Dr. Mensa Otabil | ICGC Worldwide, co-founder | Eon3 Group | Brands Aid | Calvary Temple - ICGC | Team Sarkodie, founder | Global Edge Pictures | Muzik IQ, founder

The Bank of Ghana (BoG) has introduced an online payment service for the Collateral Registry web-based system.

The move according to the BoG is to address the inconveniences associated with the existing pre-paid mode of payment.

In a statement, the central bank said: “This online payment service affords clients of the Collateral Registry the option to pay for the services rendered by either Mobile Money or Visa/MasterCard.”

Under the statutory Mandate of the Borrowers and Lenders Act 2008 (Act) 773, the Bank of Ghana operationalized the establishment of the Ghana Collateral Registry in February, 2010, to register charges and collaterals created by borrowers, to secure credit facilities provided by lenders.

The Registry provides the legal framework for credit, improve standards of disclosure of information by borrowers and lenders, prohibits certain credit practices and promotes a consistent enforcement framework related to credit, and provides for related matters.

This was pursuant to its mandate to regulate, supervise and direct the banking and credit system, and ensure the smooth operation of the financial sector.

The Collateral Registry operates a 24/7 web-based system, which serves lending institutions and the general public.

The use of some services of the Registry requires payment. The current modes of payment are the post-paid mode and the pre-paid mode, which require a deposit to be made at the Bank of Ghana.

However, the introduction of this online payment service is to address the inconveniences associated with the existing mode of payment, while enabling payments to be made through online and digitally to meet safety precautions of COVID-19.

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

I’m not Finance Minister’s son; I’m a private businessman – Tom Tom reacts to mischievous video

A Kumasi-based private businessman popularly known as TOM TOM has responded to some mischievous videos being circulated on social media by some NDC supporters...

Stakeholders collaborate to address deforestation and boost cocoa production

A stakeholders’ workshop to discuss measures to address deforestation and boost cocoa production in the Ahafo Region has been held at Goaso. It was also...

AfCFTA Secretariat rolls out ‘vision’ initiative backed by ‘super-app’

With barely two weeks left to the Extraordinary Summit of African Union Heads of State on 5th December, 2020, ahead of the expected start...

Ghana’s Port now a preferred choice of shipping lines due to operational efficiencies – Michael Luguje

The Director-General of the Ghana Ports and Harbours Authority, Michael Luguje has revealed that developments in Ghana’s ports have positioned the country at a...

Staff of Holiday Inn hotel demand payment of 8 months salary arrears

Some aggrieved staff of the Holiday Inn Hotel, Accra, have requested for payment of their salaries. The group, as part of efforts to demand their...