The Bank of Ghana (BoG) has reiterated the need to accelerate digital financial integration as a critical step towards boosting financial inclusion in the country.
The Central Bank emphasised that Ghana’s financial landscape is evolving rapidly, and industry players must leverage technology to enhance access to financial services, particularly for the unbanked population.
Speaking at the launch of the Electronic Money Issuers (EMIs) Chamber of Ghana in Accra on Thursday, the First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari, urged stakeholders to prioritise regulatory compliance and innovation to expand the digital financial ecosystem, positioning Ghana as a leader in inclusive finance.
“I encourage you therefore, to remain steadfast in your commitment to compliance, particularly with cyber security, AML/CFT & PF and consumer protection requirements, to ensure the safe development of a sustainable, innovative and inclusive financial sector,” he stated.
He also emphasised that the establishment of the EMI Chamber marks a significant step in the evolution of the nation’s financial landscape: “This launch signals the beginning of a new chapter in our digital financial landscape.”
The mobile money sector has seen tremendous growth over the past decade, with nearly 23 million active wallets currently in use.
Dr Opoku-Afari noted that this explosion of digital financial services has played a pivotal role in transforming how Ghanaians transact, moving away from the traditional reliance on cash.
For his part, the Chief Executive Officer of the EMIs Chamber, Dr Ken Ashigbey, expressed optimism that the review of the Ghana Depository Protection Act will safeguard the interests of mobile bankers.
“The Ghana Deposit Protection Act is going under review and it may be passed by the end of the year after several engagements which is very good .This will also protect Mobile Money depositors as well,” he said.
By Emmanuel Oppong
