The Managing Director of the Agricultural Development Bank (ADB) PLC, Alhaji Alhassan Yakubu-Tali has underscored the critical importance of accelerating financial inclusion through digitalization to bring financial services to the unbanked and underbanked population across the country.
He indicated that the unbanked and underbanked segments of the population should be viewed, as potential customers who can be become exisiting customers through the development and investment in robust digital infrastructure.
Commenting on the Ghana Financial Inclusion Conference in Accra from June 26-27, 2024, on the theme,” Accelerating Financial Inclusion in a Digital Era,” Alhaji Yakubu-Tali stated that despite the significant strides Ghana has made in its financial inclusion journey, there remains the need to deepen financial inclusion through digitalization.
“Just as roads and bridges connect people and markets, digitalization connects individuals, unbanked and underbanked populations to the financial system, thereby bridging a critical gap,” he noted.
The ADB MD highlighted that the theme was highly relevant, especially in an era where “digital innovation is fundamentally reshaping the financial landscape and creating unprecedented opportunities for sustainable inclusion and growth.”
He lauded the significant strides the country has made in bringing millions of unbanked and underbanked individuals into the formal banking system. He attributed this progress largely to favourable policy and regulatory frameworks; advancement of digital payments infrastructure; and partnerships between banks and Financial Technology service providers (Fintechs).
Alhaji Yakubu-Tali commended government and the Ministry of Finance for the rollout of initiatives such as the Digital Financial Services Policy (DFS) and Cash-lite Road Map, which have increased financial inclusion, improved digitalization of financial institutions and further cemented the commitment of the Government of Ghana toward advancing financial inclusion.
Alhaji Yakubu-Tali stated that the digital era presents a distinctive opportunity for banks and other financial institutions to leverage to enhance financial inclusion by investing in essential digital infrastructure and enforcing policies and regulations.
He indicated that ADB Plc has been a key driver of the national financial inclusion agenda through its digital service offerings including mobile & internet banking, and contactless payments services. He stated that conferences like the 2024 Ghana Financial Inclusion Conference will further inspire financial institutions like ADB to do more to leverage digital platforms to accelerate the achievement of the financial inclusion agenda.
The 2024 two-day Ghana Financial Inclusion Conference aims at discussing strategies on how to leverage technology to create a conducive environment to improve financial inclusion, facilitate policy frameworks and regulatory measures to promote financial inclusion among others. Banks and other financial institutions are key stakeholders and participants in the conference.