SMEs get digital payment solution

Adnan Adams Mohammed
Small And Medium Enterprises (SMEs) in the country can now access merchant accounts tailored to their needs as Bank of Ghana (BoG) introduces a new merchant payment system that gives permission for introduce a tiered account structure.
The tiered account structure will ensure that different customer types are able to sign on to electronic money accounts suitable to their needs, thereby promoting inclusive access to digital payments, the central bank said.
BoG believes the new payment system will ensure that, SMEs
which do not meet the stipulated merchant requirements under the Payment
Systems and Services Act 2019 (Act 987) get the opportunity to access merchant
accounts that will enable them to accept payments by debit or credit cards.
Section 32 (1) of the Payment Systems and Services Act
mandates categorisation of customer electronic money account on risk-based Know
Your Customer (KYC) requirements, which is evidenced by the tiered KYC account
structure.
At present, the merchant account requirements under Act 987
can be met by merchants that have been registered as corporate entities only,
which excludes SMEs.
“This apparent misalignment of digital payments at a
merchant point of sale undermines the national digitisation agenda on account
of SMEs constituting over 85 percent of businesses in Ghana,” the central bank
said.
To remedy the situation, the bank has established tiered
merchant account categories on risk-based KYC requirements with commensurate
transactional limits.
The first tier covers small-size entities with average
monthly transaction value of not more than GH¢5,000, whereas the second tier
covers medium-size entities with an average monthly transaction value of
between GH¢5,000 and GH¢15,000. The third tier covers corporate entities with
an average monthly transaction value of above GH¢15,000.
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