The Bank of Ghana has directed all banks to review their pricing models to ensure that customer charges are both ethical and commercially justifiable.
This directive follows reports that some financial institutions continue to levy interest on dormant credit accounts, in some instances resulting in accrued interest surpassing the original principal.
Effective immediately, the directive was issued by the Governor of the Bank of Ghana, Dr. Johnson Asiamah, during a recent engagement with Chief Executive Officers of various banks.
Dr. Asiamah also expressed concern over the increasing application of Optional Issuer Fees (OIFs) on cross-currency card transactions. While acknowledging that these fees may reflect legitimate costs, he noted that a lack of transparency and limited customer disclosure has undermined consumer trust and the overall integrity of the payment system.
To address this, the central bank will cap OIFs on cross-currency card transactions at 2 percent. In addition, banks will be required to clearly disclose all applicable fees to customers prior to the completion of any transaction.
Credit: GNA
