Vice President of Ghana, Dr Mahamudu Bawumia, has implored the Chartered Institute of Bankers, Ghana (CIB) and stakeholders in the banking industry to build synergies and leverage on digital banking to boost trading under the Africa Continental Free Trade Area (AfCFTA).
The Vice President made this call at the 25th National Banking Conference of the Chartered Institute of Bankers, Ghana, in Accra. The conference was on the theme: “The Digital Economy of Ghana: The Strategic Role of the Banking Industry”. He asserted that the use of digital platforms will help the banking sector to grow and improve trade on the continent.
According to Dr Bawumia, digitisation is the future for banking globally, as such, it is imperative for banks and other stakeholders to collaborate and use digital platforms for cross-border transactions and trade facilitation on the continent. This, he noted, would increase the assets of banks and bolster their customer base to spur economic growth of African countries.
Dr Bawumia, also a Fellow of the Chartered institute of Bankers, Ghana, outlined various digital infrastructure initiatives the government of Ghana has rolled-out since 2018. These include: the Digital Property Address System, Mobile Money Interoperability Payment System, Universal QR Code, issuance of the Ghana-Card and Ghana.gov portal that were aiding electronic transactions and improving financial inclusion among Ghanaians.
The Vice President cited Ghana’s effort in mobile money as a case study, saying, “for instance, about 19 million Ghanaians were mobile money users and 15.7 million people, representing 85 percent of the adult population had been issued with Ghana-Cards.”
Dr Bawumia stated that a Bank of Ghana (BoG) report on mobile money transactions between 2019 and 2020 revealed that Mobile money transactions increased by 365 percent in volumes and 651 percent in value, saying; “digital transformation agenda of government has been phenomenal”.
Digital Financial Policies Deepen Financial Inclusion
Dr Bawumia, who was also the former Deputy Governor of Bank of Ghana, stressed that, banks that leverage on digital banking would gain a competitive edge over their competitors that continue using traditional methods of banking.
The Vice President lauded the Ministry of Finance and the Bank of Ghana for rolling-out robust digital financial policies over the past two decades to help deepen financial inclusion and digital payments in Ghana.
He thus, urged the CIB Ghana to implement robust training programmes for its members to develop efficiency in the delivery of banking services and aid the overall growth of the Ghanaian economy.
Right Reverend Patricia Sappor, the President of the Chartered institute of Bankers, Ghana, in her address, observed that the banking industry has been evolving over the past decades. Therefore, it is imperative for banks to adopt technology and innovative reforms to remain competitive.
Patricia Sappor noted that in this era of fourth industrial revolution, it is critical for banks to embrace digital banking to improve on their operations and create value for their customers and stakeholders.
Mrs Mansa Nettey, President of Ghana Association of Bankers, in an address read on her behalf, averred that customers’ needs have become sophisticated, therefore, using digital tools in rendering banking services would be useful in satisfying their needs.
Mrs Mansa Nettey entreated bankers to roll-out digital products and embrace digital banking services to stay afloat in business.
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