The Bank of Ghana (BoG) has issued a directive compelling all commercial banks in the country to reassess and adjust their customer pricing frameworks. This move is aimed at ensuring that service charges are fair, transparent, and based on sound commercial practices.
This directive comes in response to growing reports that certain banks are levying interest charges on dormant credit accounts. In some instances, the interest accrued has even surpassed the original balances in these accounts. This issue was addressed by the Governor of the Bank of Ghana, Dr. Johnson Asiamah, during a strategic meeting with Chief Executive Officers of various banks.
Dr. Asiamah highlighted another emerging issue concerning the application of Optional Issuer Fees (OIFs) on cross-currency card transactions. While acknowledging that these charges may reflect legitimate operational costs, he stressed that the lack of clarity and limited transparency around these fees undermine customer confidence and weaken the overall trust in Ghana’s financial payment systems.
To curb this practice and restore transparency, the BoG has decided to place a 2% cap on all OIFs related to cross-currency transactions. Additionally, banks are now required to disclose these fees to customers clearly and in advance—before the completion of any transaction. This measure is expected to empower customers with accurate information and prevent unexpected deductions or hidden charges.
Dr. Asiamah emphasized the importance of maintaining integrity within the banking sector and ensuring that pricing models are not exploitative. He noted that banks must prioritize customer rights and ethical conduct in all their pricing structures.
The BoG’s latest directive reflects a broader push to instill discipline and accountability within the banking sector, especially in light of past controversies that have led to the collapse of some financial institutions. The central bank remains committed to protecting consumers and upholding the integrity of Ghana’s financial system.
Source:
Information adapted from Adom Online, published by myjoyonline.com
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