Ghana’s Finance Ministry launches policies to speed up financial inclusion for economic transformation

The Ministry of Finance has launched the National Financial Inclusion and Development Strategy to help increase financial inclusion from the current 58% to 85% by 2023

Mobile money transfer

The strategy which is also to help create economic opportunities and reduce poverty forms part of the three new initiatives introduced by the government to speed up financial inclusion and digital payments to transform the economy.

Already, due to the coronavirus pandemic, people are encouraged to use digital payment systems to reduce physical interaction and the possible spread of the virus.

In a statement issued by the Ministry of Finance, it said the government has also launched the Cash-Lite Road-map to create concrete steps to help build an inclusive digital payments ecosystem.

The statement said that the Cash-Lite Road-map was designed in collaboration with the United Nations-based Better Than Cash Alliance to help provide solutions for better access to financial services, enable regulation and oversight, and promote consumer protection.

The government has also launched the Digital Financial Services Policy, in partnership with the ‘Consultative Group to Assist the Poor’ (CGAP). This is to build on existing technological gains to create a resilient, inclusive, and innovative digital ecosystem that contributes to social development, a robust economy, and a thriving private sector.

The statement further indicated that the government has also set up a new Digital Payments Coordination Unit to ensure effective stakeholder engagement on the implementation of key actions.

“These policies are part of government’s vision to build a highly digitized payment system that accelerates economic development and drives inclusive growth.”

“They reinforce the government’s unwavering commitment to digitizing the Ghanaian economy and providing the soft infrastructure that will enable the private sector, payment service providers and all other ecosystem players to innovate digital financial solutions in a conducive environment to the benefit of all Ghanaians,” it added.

Earlier this year, Vice President, Dr Mahamudu Bawumia, launched the Universal GH QR Code and the Proxy Pay platform to reduce the difficulties encountered when paying for goods and services.

The statement said the launch of the three new policies conform to the call by Dr Bawumia to financial institutions, telecommunications, and fintechs to develop creative ways of turning mobile phones and mobile money platforms into vehicles of economic emancipation for the many players in the large informal sector.

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