The Bank of Ghana (BoG) has issued a strict directive prohibiting banks from photocopying Ghana Cards for customer verification, underscoring that biometric verification must become the standard method for identity authentication in the country’s banking sector.
In a recent statement, the Bank of Ghana clarified that photocopying Ghana Cards is no longer an acceptable practice for verifying customer identities. The move comes in response to growing concerns over outdated verification methods, such as visual inspections and lookup lists, which the BoG argues are prone to fraud and security vulnerabilities.
Mr. Ashitei Trebi-Ollennu, Deputy Head of the Financial Integrity Office at BoG, stressed that “photocopying leaves room for fraud and compromises the integrity of transactions.” Instead, he emphasized the need for banks to use the biometric verification system linked to the National Identification database, which would ensure more secure and reliable financial transactions.
This directive was further solidified during a recent stakeholder engagement in Accra, where BoG, the Ghana Association of Banks (GAB), the National Identification Authority (NIA), and representatives from the country’s 25 universal banks gathered to discuss the role of identity verification in securing financial transactions. The event, titled “Protect Every Transaction with Biometric Verification,” highlighted the urgent need for financial institutions to adopt more secure, tech-driven methods of customer authentication.
Biometric Verification: A Game-Changer for Financial Security
Real-time biometric verification promises to be a major step forward in securing the financial sector. By eliminating the need for easily forged documents, biometric systems ensure that identities are authenticated against the National Identity Register (NIR), preventing identity theft and impersonation. These systems also align with both national and international security standards.
James Cantamantu-Koomson, Executive Director of Identity Management Systems II Ltd., described the shift in identity management as “fundamental.” He emphasized that the National Identification Authority’s database is a powerful national asset and a key enabler of secure financial transactions. The goal is to move away from outdated manual processes and toward a more sophisticated, multi-modal biometric approach to authentication.
Boosting Collaboration Across the Financial Sector
The engagement fostered collaboration between banks, the BoG, and the NIA, with banks offering valuable insights on how the exchange of information could be streamlined. The National Identification Authority also reiterated its legal mandate, with Teresa Eson-Benjamin, Head of the Legal Directorate, confirming that the Ghana Card is the only valid form of identification for banking transactions under the current law.
Strengthening the Financial Sector’s Trust and Security
As the financial sector continues to face challenges with fraud and security breaches, biometric verification is seen as the most reliable and secure form of identity authentication. The stakeholders at the event agreed on the need for financial institutions to fully embrace biometric systems to protect transactions and safeguard the integrity of the financial ecosystem.
The gathering also saw the participation of key figures, including John Awuah, CEO of the Ghana Association of Banks, and other legal, technology, and banking experts. They all agreed that trust in the financial system must be reinforced by a “trust but verify” approach, with biometric authentication at the center of that shift.
As Ghana moves toward this new era of secure digital identity verification, the commitment to biometric systems promises to place the country at the forefront of global financial security standards, while ensuring that the integrity of financial transactions is upheld for years to come.
Source:TheDotNews