The Bank of Ghana (BoG) has announced a decisive ban on the photocopying of Ghana Cards for banking transactions, urging financial institutions to adopt biometric verification as the sole standard for identity authentication. This move is part of broader efforts to enhance security and prevent fraudulent activities within the banking sector.
The directive, which aligns with the National Identity Register Regulations, 2012 (L.I. 2111), aims to eliminate outdated and insecure verification methods such as manual look-up lists and visual inspections. These methods, according to the BoG, expose banking systems to significant risks and undermine transaction integrity.
Speaking during an engagement with financial institutions, Mr. Ashitei Trebi-Ollennu, Deputy Head of the Financial Integrity Office of the BoG, highlighted the risks associated with photocopying Ghana Cards.
“Photocopying Ghana Cards introduces vulnerabilities that compromise the security of financial transactions. Biometric verification, on the other hand, leverages the robustness of the National Identification Authority (NIA) database to ensure accurate and secure identity verification,” he stated.
The event, which brought together key stakeholders including the Ghana Association of Banks, the NIA, and representatives from universal banks, served as a platform to discuss and streamline identity verification practices in the financial sector.
Teresa Eson-Benjamin, Head of the Legal Directorate at the NIA, reinforced the mandate of the Ghana Card as the sole legally recognized identification document for banking transactions. She emphasized that financial institutions must comply with the regulatory framework to safeguard the integrity of the banking system.
Participants at the meeting unanimously acknowledged biometric verification as the most reliable tool to prevent identity fraud and financial crimes. Discussions centered on leveraging the NIA’s robust database to create a seamless and secure authentication process.
The BoG called on all financial institutions to expedite the transition to biometric-based authentication systems, noting that this shift is not only crucial for enhancing security but also necessary for aligning Ghana’s banking practices with international standards.
This directive underscores the BoG’s commitment to fostering a secure and resilient financial ecosystem, ensuring that identity verification processes are both efficient and fraud-proof.
Story by: Mercy Addai Turkson #ahotoronline.com
