Mr. Julian K. Opuni, the Managing Director (MD) of Fidelity Bank has encouraged his fellow bankers to integrate the Ghana Banking Code of Ethics and Business Conduct into digital financial service provision, as a form of control.
This, he disclosed, has become relevant as the financial sector gradually moves banking services provision to digital platforms.
“Our digital systems and processes must be configured such that relevant information is easily accessible to the appropriate stakeholders.
“Deviations or breaches from standard practice or protocols are easily detected or flagged for further investigation.”
This initiative, Mr. Opuni revealed, will require smart innovative thinking to create a robust monitoring mechanism for the banking sector.
Mr. Opuni while speaking on the Ghana Banking Code of Ethics and Business Conduct which was launched by the Chartered Institute of Bankers (CIB) Ghana, disclosed that, the banking sector reforms were partially inspired by issues relating to clarity of ethical standards and regulatory statutes.
According to Fidelity Bank’s MD, “I believe with the right systems design-thinking approach centred on ethical standards, we can develop robust protocols to block ethical breaches”.
The banks would be doing a great disservice to the economy if they do not adhere to proper ethical guidelines such as the Ghana Banking Code of Ethics and Business Conduct, Mr. Opuni revealed.
“Ethics should be given as much attention as the other talking points. Because at the end of the day, of what importance is growth in revenue for instance, if the said growth is not attained ethically?”
Mr. Julian K. Opuni
Also, the bank’s MD stated that “world-class institutions uphold proper business conduct and ethics, and the same must apply here in Ghana”.
Banking sector Code of Ethics
The Ghana Banking Code of Ethics and Business Conduct was developed with the joint effort of the Bank of Ghana, Chartered Institute of Bankers Ghana, and the Ghana Association of Bankers.
The primary objective of these code of ethics is to ensure strict adherence to best banking practices and maintaining high ethical and professional standards within the banking industry in Ghana.
The Banking Code is in line with Section 3(d) of the Chartered Institute of Bankers Ghana Act, 2019 (Act 991), which mandates the setting of standards and ensuring the observance of ethical standards and professional conduct among members of the country’s banking profession.
With regards to the rising cases of banks’ staff related fraud issues, Mr. Opuni disclosed that, adherence to the Code of Ethics will help to address this issue.
“This serves as an added incentive to embrace and enforce the Ghana Banking Code of Ethics and Business Conduct.
“I am confident that going forward all stakeholders will play their role to ensure players within the industry abide by the directives enshrined in this document (Ghana Banking Code of Ethics and Business Conduct).”
Mr. Julian K. Opuni
This, Mr. Opuni believes will help to gain excellent returns for the industry, shareholders, and the country at large.
“It’s critical to point out that the document also lays out a streamlined approach for dealing with complaints of unethical, corrupt, or unprofessional practices – with clearly outlined sanctions for infractions.”
Mr. Julian K. Opuni
According to the bank’s MD, he believes that “clarity regarding the modus operandi for addressing breaches of the code also makes it easier to enforce the regulations, as there is very little confusion regarding what to do when ethical breaches are reported”.
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