The Bank of Ghana has pledged to continue creating an enabling environment to efficiently empower banks to carry out their role of financial intermediation.

This it believes will accelerate economic growth and development.

Speaking at the commissioning of the Republic Bank Head Office Annex, Governor of the Bank of Ghana, Dr. Ernest Addison said his outfit continues to keenly monitor all banks to ensure the stability and soundness of the industry.

“It has been almost two years since the comprehensive reforms to restore credibility and confidence in the banking system. Since then, the Bank of Ghana has issued a number of directives, including the exposure draft of the Corporate Governance Disclosure Requirements which seeks to promote and enhance transparency and accountability to stakeholders. The Bank of Ghana continues to keenly monitor all banks to ensure the stability and soundness of the industry.”

He expressed excitement that the banking sector has witnessed the increased usage of online banking as customers resort to branchless banking for transactions.

He therefore said the BoG has provided the supportive directives, regulations, policies and guidelines on Cyber Security to safeguard the financial sector against such risks, but urged banks to be proactive and strengthen internal risk management frameworks, as well as build a robust and secure digital infrastructure to forestall cybercrime incidences.

“It is also essential that comprehensive and stringent KYC procedures are implemented to improve banks’ customer acceptance policy. These will help prevent suspicious customers from pursuing fraudulent activities, including money laundering, terrorist financing and credit fraud, through the banking sector”, he added.

He encouraged the Republic Bank Ghana to keep pace with the shift towards electronic-driven products and services.

“In line with the objective of customer centralism, we expect that financial digitisation will shape the banking business to compete with the fintechs in the payment systems space. Hence, there is the need for adoption and diffusion of technology in every sphere of banking sector operations”, he further said.

He commended Republic Bank for being instrumental in the development of the mortgage industry and its leading role in the mortgage sector in the country.

“It is therefore not surprising that Republic Bank was shortlisted as one of the three banks to partner the National Housing and Mortgage Fund to deliver on government’s affordable housing project. The Bank of Ghana applauds this laudable partnership to provide affordable housing for public sector workers through cedi mortgages”, Dr. Addison concluded.