Financial inclusion in Ghana, rose from 58% in 2017 to 68% in 2021, according to the 2021 Global Findex report.
The rise in the country’s financial inclusion, the First Deputy Governor of the Central Bank, Dr Maxwell Opoku-Afari, noted, is significantly due to the expansion of digital financial service.
According to him, the emergence of new technology has fueled digitalisation drive in Ghanaian financial service industry and subsequently financial inclusion.
“Significant strides have been achieved in the mobilisation of granular transactions, deployment of user-centric designs, delivery of affordable services and improved accessibility with phenomenal beneficial impact on financial inclusion.
“Ghana’s recent remarkable performance in financial inclusion from 58% in 2017 to 68% in 2021 as reported in the 2021 Global Findex has been largely facilitated by digital financial service,” he stated speaking to stakeholders in the Central Bank’s regulatory sandbox programme.
“Although this achievement is worth celebrating, a lot remains to be achieved. We are however assured, based on the inclusion trajectory, that digitalisation has been a competent tool and we will continue to leverage it,” he added.
One can say without a doubt, that the high adoption of mobile money services has contributed mainly to the 10% increase chalked in financial inclusion.
Speaking on the regulatory sandbox programme, the First Deputy Governor assured FinTechs that their participation in the programme will not expose their ideas to third parties as the Bank maintains the highest level of confidentiality and secrecy.
“Let me address the FinTechs regarding issues of privacy and confidentiality. Bank of Ghana as a regulator of financial service maintains the highest level of confidentiality and secrecy.
“For this reason, your participation in the Bank’s Regulatory Sandbox will not expose your ideas to third parties. We would like to assure you that every staff is committed to an oath of secrecy and under no circumstance will third party information be disclosed.
“A breach of the secrecy requirement attracts serious sanctions including dismissal,” he quipped.
Touching on the use of cryptocurrency in the country, the Deputy Governor averred the Bank continues to monitor developments on a regular basis and that it is open for dialogue geared towards the potential exploration of regulatory outcomes for cryptocurrency.