The government of Ghana has launched three new policy initiatives designed to deepen financial inclusion and accelerate digital payments in line with government’s vision of building a payment system that accelerates economic development.
The policies are National Financial Inclusion and Development Strategy, Digital Financial Services Policy and Cash-Lite Roadmap.
The Finance Minister, Ken-Ofori Atta said, “Digital payments help drive transparency, accountability, efficiency, as well as greater women’s participation in the economy.
“Moving away from cash helps our country advance towards achieving many of the Sustainable Development Goals.”
The National Financial Inclusion and Development Strategy, developed in collaboration with the World Bank, aims at increasing financial inclusion from currently 58 per cent to 85 per cent by 2023, helping create economic opportunities and reducing poverty.
The Digital Financial Services Policy, developed in partnership with CGAP, builds on existing technological gains to create a resilient, inclusive and innovative digital ecosystem that contributes to social development, a robust economy and a thriving private sector.
The Cash-Lite Roadmap, designed in collaboration with the United Nations-based Better Than Cash Alliance, puts forward concrete steps to build an inclusive digital payments ecosystem. This includes better access to financial services, enabling regulation and oversight, and promoting consumer protection.
According to the Finance Minister, “public and private sector actors need to work hand in hand, digitising in a responsible manner, to turn these new policy initiatives into tangible benefits for all Ghanaians. These assertions are even more relevant in the era of the COVID-19 pandemic.”
In 2017, the Ghana Interbank Payment and Settlement Systems (GHIPPS) under the auspices of the Central Bank of Ghana, launched the Mobile Money Interoperability scheme to facilitate the simple and convenient movement of funds across mobile money platforms.
In November 2019, the Governor of the Bank of Ghana, Dr. Ernest Addison, announced an initiative to pilot a Central Bank digital currency (CBDC) in a Sandbox environment.
This would foster competition, reduce the operational costs associated with cash and move the country closer to achieving its cash-lite objectives.
The Central Bank has also set up a Fintech and Innovation Office to drive the Bank’s Cash-lite, e-payments and digitisation agenda.
Efforts at ensuring the development of the FinTech industry culminated in the establishment of the Ghana Chamber of Technology by industry players as its umbrella body.
Among other things, the Chamber provides a forum for FinTechs and Payment Service Providers to share experiences and also serve as a single point of interaction with the Central Bank and key stakeholders.
Latest figures from GhIPSS show that the use of electronic payment channels that go through GhIPSS platform, went up by 81 percent in the first quarter of this year compared to the same period last year.
The launch conforms to the call by the Vice President Mahamudu Bawumia on financial institutions, telecommunications and fintech sectors to find innovative ways of turning mobile phones and the mobile money platforms into vehicles of economic emancipation for the many players in the large informal sector.
He made this statement during the launch of QRPay and Proxypay by the Bank of Ghana in March.
According to Dr. Ruth Goodwin-Groen, Managing Director of the United Nations-based Better Than Cash Alliance, “Ghana is already recognised as a global digital payments success story.
“We look forward to continuing working with our member, the Government, as well as with the private sector and international organisations, to accelerate the new ambitious cash-lite roadmap, in a way that is responsible and responsive to the needs of all Ghanaians.”
In the context of the COVID-19 pandemic, these policies reinforce the government’s unwavering commitment to digitising the Ghanaian economy and providing the soft infrastructure that will enable the private sector, payment service providers and all other ecosystem players to innovate digital financial solutions in a conducive environment to the benefit of all Ghanaians.
- Black Stars’ Christian Atsu reportedly missing after earthquake in Turkey
- Haruna Iddrisu accepts changes in Minority leadership
- Turkey earthquakes: Christian Atsu found – Turkish media confirm
- ‘God, please’ – Asamoah Gyan prays for Christian Atsu, other celebs join
- Let’s continue to pray for Christian Atsu – Mahama to Ghanaians
- Muntaka accepts Minority leadership reshuffle after meeting with Mahama
- It is sad BoG unlawfully printed $3.3bn for government – IEA Director of Research
- Yul Edochie’s first wife threatens to sue actress over photoshopped image with Judy Austin
- Ankaful Psychiatric Hospital offers free treatment to former ‘NSMQ shark’
- 40 Ejuraman students injured in dining structure collapse
- Turkey earthquake: “Huge and miraculous” – Christian Atsu’s local manager reacts to his rescue
- 5 SHS students fight for dear life after dining hall roofing collapsed on them
- Don’t behave like Finance Ministry is your personal property – Kpebu tells Ofori-Atta over nonpayment of matured coupons
- Glory to God – Social media users rejoice after Christian Atsu found alive
- Put hefty taxes on alcohol, cigarettes to generate funds money to fight cancer
- Total household spending falls by 11% in 2022 – UK-Ghana Chamber of Commerce survey
- NDC to consider reforms for selecting leaders in Parliament – National Council of Elders
- We want to make VAR interventions more understandable for spectators – Pierluigi Collina
- 2022/23 betPawa PL: Mukwala nets brace as Kotoko run riot against Accra Lions
- Parliament resumes from recess today
- ‘You are free to sign DDEP is not the same as exemption’ – Dr Adu Anane Antwi
- Stonebwoy shares pictures of red carpet moments at 2023 Grammys
- Ghana Gas to build second Processing Plant; 1.5k jobs assured
- Remarkable progress with ongoing IMF programme is significant to recovery efforts; momentum must be sustained – Ofori-Atta
- The origin of Hiplife: How rapping in Twi ‘blew people’s minds’