Spotlight on Ghana’s GIP

Ghana’s GhIPSS Instant Pay (GIP) is an interbank IIPS; it forms the foundation for the “financial inclusion triangle,” which enables interoperability between GIP, MMI (mobile money scheme), and e-zwich (stored value bank card scheme). Volumes have increased notably since 2019.

Ghana's GIP

Bank of Ghana (BOG) has issued several extensive directives on fraud risk management, consumer protection, and fraud reporting that DFSPs licensed by BOG. BOG is taking a proactive approach to updating the regulations as fraud trends and risks evolve.

What’s Notable Related to Fraud Mitigation?

The extensive directives issued by BOG apply to the DFSPs that participate in GIP. Notable regulations include those that define risk management approaches related to anti-money laundering (AML), combating the financing of terrorism (CFT), and customer due diligence (CDD) as well as provide guidance on consumer recourse mechanisms. Scheme rules reinforce these regulations to raise ecosystem-wide fraud mitigation.

BOG requires banking institutions, specialized deposit-taking institutions (SDIs) and electronic money issuers (EMIs) to report attempted and successful fraud incidents and publishes this data in an annual report. Along with the data, the report is used to provide specific recommendations to these institutions on strengthening their risk management activities. Fraudulent payment reporting requirements strengthen future actions.

The annual publication of the report by BOG is an example of a tool used to track fraud trends. While not all institutions are yet providing their data, the report is a meaningful starting point to encourage reporting.

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