BoG to continue to provide that supports inclusive financial system – Second Deputy Governor

The Bank of Ghana will continue to provide the enabling environment that supports a stable, resilient, and inclusive financial system, where the needs and interest of all consumers are met satisfactorily  Second Deputy Governor of the Bank of Ghana (BoG), Mrs Elsie Addo Awadzi, has said.

She said the BoG would continue to introduce initiatives to provide a supportive policy and regulatory framework that allows banks, other financial institutions, and Fintechs to design and provide innovative digital financial services and products that respond to the unique needs of all segments of society.

Speaking at the launch of the German Development Corporation (GIZ) financial inclusion for persons with Persons with Disabilities (PWDs) Project in Ghana, Mrs Awadzi, said as part of the Ghana’s National Financial Inclusion strategy, the objective of the government was to increase the country’s financial inclusion to 85 per cent by 2023.

She said that would be achieved by removing barriers that prevent underserved segments of the population from accessing financial products and services and enables them to generate income, build assets, manage financial risks, and become economically empowered.

“The government’s policy on a cash-lite Ghana: Building an inclusive digital payments ecosystem, seeks to enhance economic empowerment of marginalised segments of society through the supply of appropriate digital financial services and consumer protection,” the Second Deputy Governor, said.

She said the  exponential growth of digital financial services in Ghana was  a real catalyst for promoting access to financial services for ( Persons Who are Differently Abled ) PWDAs, given its potential to overcome many of the physical barriers that PWDAs face in accessing traditional financial services.

Mrs Awadzi observed that the Ghana Digital Financial Services Policy (2020-2023) envisaged interventions to deepen financial inclusion through suitable and affordable digital financial services including credit, savings, insurance, payments, and investments.

The Project was a global imperative to address the lack of access to critical financial services for many PWDs, as part of efforts to ensure more equitable and sustainable socio-economic development paradigms.

The Second Deputy Governor observed that GIZ sought to increase accessibility of digital and analogue financial services for PwDs; strengthen the capacity of banks and other financial institutions to provide more financial services to PwDs; and provide an advocacy and advisory platform for promoting access to finance for PwDs.

She entreated key stakeholders to fully participate in the project, so that tangible results would be realized for the benefit not only of the  PWDA community, but for our economy as a whole.

“It is our hope also that implementation of the project will lead to the building of a viable and supportive ecosystem for PWDAs to enable them fully participate in education, the job market, entrepreneurship, health care, financial and other socio-economic activities so that they are able to make significant impact in their communities and contribute more fully to our socio-economic development as a nation,” Mrs Awadzi.

BY KINGSLEY ASARE

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