Financial inclusion is a public good – Panellists

Every stakeholder that plays a role in driving innovation and economic growth in Ghana stands to strongly benefit from a financially included society, panellists at the second edition of the B&FT-organised quarterly Ghana’s Most Respected CEOs Breakfast Series have said.

A financially included society describes where any person, irrespective of tribe, sex or religion, can access any or every form of financial service.

Employing electronic and digital means and channels to attaining a financially included society cuts cost of operations, provide a secure economic environment while offering convenience and cheaper financial services to consumers.

“Financial inclusion is a public good. It is going to benefit everybody in society. It benefits the government in tax collection, service providers see a rise in revenues and job creation and customers experience convenience and confidence in the financial system,” Dr. Settor Amediku, Head of Payment Systems at the Bank of Ghana said.

He added that electronic payment is now serving as the means to overcoming financial inclusion challenges faced by 42 percent of rural folks and the urban poor.

“Electronic payment is the vehicle and financial inclusion is the target,” he added, noting that the recently passed Payment Systems and Services Act, is expected to drive innovation and lead to a financially included society.

“We all need to come together to ensure that we promote financial inclusion. When we are all financially included the cost of finance can reduce. This is something everyone should work towards. In the developed economies, due to the fact that some are 100percent financially included, the economies run better and people in such societies live better lives. We hope that by 2023, we should attain a society that is at least 75percent financially included,” Dr. Amediku pointed out.

This quarter’s event, which was on the theme: National Agenda for E-payment and Financial Inclusion: the Role of the Stakeholders, came off in Accra and witnessed attendance from government executives, regulators, banks, Fintechs, and other financial services providers and consumers.

Other speakers include Martinson Obeng-Agyei, Director, Vodafone Cash; Tara Squire, Head, Consumer Banking Ecobank; Maximus Ametorgoh, CEO and Founder, popOut; and Archie Hesse, Chief Executive Officer of the Ghana Interbank Payment and Settlement Systems (GhIPSS),

The session was moderated by George Babafemi, Chief Operating Officer, eTranzact.

Archie Hesse, Chief Executive Officer of the Ghana Interbank Payment and Settlement Systems (GhIPSS), explained that financial inclusion is to see all funds lodged with banks so that individuals and businesses have access to […]

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