Offer better packages for financial consumers amid COVID-19 – Group tells BoG

Offer better packages for financial consumers amid COVID-19 – Group tells BoG

A group, known as the Alliance for Financial Consumer Protection (AFCOP), has called on the Bank of Ghana (BoG) to be proactive in protecting financial consumers in the wake of the COVID-19 pandemic.

According to the group, their call is based on the approach adopted by the Central Bank in ensuring that there is adequate relief for financial consumers.

Although the Alliance for Financial Consumer Protection recognized the efforts put in by the BoG in reducing the policy rate and removing charges on Mobile Money transactions below hundred cedis, it says a lot more could have been done.

In their argument, for instance, they say the central bank could have directed all banks and specialized deposit-taking institutions to immediately suspend account maintenance charges and commission on turnover charges for all personal and SME customers.

Also, the group is of the view that the Bank of Ghana must direct all banks to immediately suspend all cards and ATM charges for all personal and SME customers as well as offer a three month repayment holiday to personal and SME borrowing customers impacted by COVID-19.

On the Mobile Money front, the AFCOP called for a similar move where a three month repayment holiday will be granted to all MoMo loan customers.

Finally, the group is requesting the Bank of Ghana to direct all Mobile Money Operators to immediately suspend transfer fees for all amounts and not just transactions below a hundred cedis.