Ministry of Finance launches new policies to speed up financial transformation

Ministry of Finance launches new policies to speed up financial transformation

The Ministry of Finance has introduced the National Financial Inclusion and Development Strategy to help create economic opportunities and reduce poverty as part of measures to increase financial inclusion from the current 58 per cent to 85 per cent by 2023.

This strategy is part of three new initiatives introduced by the government to speed up financial inclusion and digital payments to transform Ghana’s economy. Already, the coronavirus pandemic has affected the use of cash as people are being encouraged to employ the use of digital payments systems to reduce physical interaction and the possible spread of the virus.

In a statement issued by the Ministry of Finance, it read, the government has also launched the Cash-Lite Road-map to create concrete steps to help build an inclusive digital payments ecosystem. The Cash-Lite Road-map was designed in collaboration with the United Nations-based Better Than Cash Alliance to provide solutions for better access to financial services, permit regulation and oversight as well as promote consumer protection.

Additionally, the government has launched the Digital Financial Services Policy, in partnership with the ‘Consultative Group to Assist the Poor’ (CGAP) 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 also noted that the government has also set up a new Digital Payments Coordination Unit to drive 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,” the statement read.

“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 Proxy Pay platform to ease the difficulties associated with the payment of goods and services.

According to the statement, the launch of the three new policies conforms to the call by Dr. Bawumia to financial institutions, telecommunications and fintechs to find innovative ways of turning mobile phones and mobile money platforms into vehicles of economic deliverance for the players in the informal sector.