Online Payment System For Collateral Registry

Dr. Ernest Addison, BoG governor

The Central Bank of Ghana has introduced an online payment platform for the Collateral Registry System.

The bank made this known on May 22, in a statement signed by its Secretary, Sandra Thompson.

It says 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 on February 1, 2010, to register charges and collaterals created by borrowers to secure credit facilities provided by lenders.

It added that 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 bank stated.

“With reference to the Bank of Ghana NOTICE NO. BG/GOV/SEC/2013/10, 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,” it says.

“In addressing the inconveniences associated with the existing pre-paid mode of payment, Bank of Ghana has introduced an online payment service for the Collateral Registry web-based system.”

“This online payment service affords clients of the Collateral Registry the option to pay for the services rendered by either Mobile Money (MTN MoMo, Vodafone Cash and AirtelTigo Money) or Visa/MasterCard.”

The Collateral Registry Online Payment System is expected to go live on Monday, May 25, 2020.

By Melvin Tarlue