Financial consumer protection group calls on Bank of Ghana to provide better protection for financial consumers amid COVID-19

A group referred to as the Alliance for Financial Consumer Protection (AFCOP), has called on the Bank of Ghana (BoG) to develop better protection for financial consumers in the wake of the COVID-19 pandemic.

The Bank of Ghana

The group explained their call is because of the approach adopted by the BoG to ensure that financial consumers do not suffer due to the coronavirus pandemic.

The Alliance recognized the measures put in place by the BoG. These include the reduction of the policy rate and removal of charges on Mobile Money transactions below GHC100.

However, is said that the BoG can still do more.

They said that the Bank of Ghana could direct all banks and specialized deposit-taking institutions to immediately halt account maintenance charges and commission on turnover charges for all personal and SME customers.

The group added that the central bank must authorize all banks to immediately stop all cards and ATM charges for all personal and SME customers as well as offer a three-month repayment break to personal and SME borrowing customers impacted by COVID-19.

The Alliance for Financial Consumer Protection also called for a similar move on the Mobile Money front. The group said there should be a three-month period where repayment holiday will be granted to all MoMo loan customers.

Finally, the group is demanding that the BoG orders all Mobile Money Operators to suspend transfer fees for all amounts and not just transactions below GHC100 immediately.

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