
On Wednesday, 27th June, 2024, the Ministry of Finance in partnership with industry players in the financial sector hosted the maiden Financial Inclusion Conference under the theme, “Accelerating Financial Inclusion in a Digital Era.”
Dr. Alex Ampaabeng, Deputy Minister for Finance, thanked industry participants and the World Bank for their “unwavering commitment and visionary leadership” that “steered Ghana towards unprecedented achievements in financial inclusion” at the conference’s opening.
According to Dr. Ampaabeng, data from the World Bank’s Global Findex Database showed that the number of adults without bank accounts worldwide had decreased from 1.7 billion in 2017 to approximately 1.4 billion in 2021.
He stated,
“Over the past decade, the global financial landscape had witnessed remarkable transformations driven by technological advancements and evolving consumer preferences”
He said that Ghana had made progress in advancing financial inclusion, guided by the National Financial Inclusion and Development Strategy from 2018 to 2023, and that this positive trend reflected the increased efforts to include financial services around the world.
Dr. Ampaabeng also credits the success in large part to the rapid adoption of mobile money, which has changed the financial landscape and given millions of Ghanaians access to quality, affordable financial services.
Prof. George Gyan Baffuor, Chairman of the National Development Planning Commission, noted in a Keynote Address delivered on behalf of the Vice President that the introduction of mobile money interoperability in Ghana has been a significant step toward increasing financial inclusion.
This framework, he said, permits consistent exchanges between various mobile money platforms, empowering clients to easily send and receive cash across different networks.
Prof Gyan Baffuor outlined five objectives the National Financial Inclusion and Development Strategy was anchored on, namely, promoting financial stability; increasing access, quality, and usage of financial services; enhancing financial infrastructure; and enhancing financial consumer protection; and improving financial capacity.
He also highlighted key components for the upgrade of the national payment infrastructure, supporting regulatory frameworks for innovation, and launching public education campaigns to boost digital literacy and trust in digital payments.
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In her remarks, the Chief Director of the Ministry of Finance, Ms, Eva Esselba Mends said financial inclusion is not only a government agenda but a global agenda, adding that, “countries worldwide have made significant strides in achieving high levels of financial inclusion through intentional and constant efforts, policy formulation, implementation, and collaboration with industry experts. Ghana, like other countries with a financial inclusion and digitization agenda, has not been left behind.
The two-day conference brought together heads of government agencies, banking sector, financial regulatory organisation, representatives from industry, academia, and the World Bank.
It aims to strengthen the commitment to improve the lives of all Ghanaians by encouraging financial inclusion and the use of digital technology. In addition, it will serve as a venue for stakeholders in the industry to thoroughly examine significant issues, obstacles, and opportunities related to financial inclusion, with a focus on how digital innovation can be used to effect meaningful change.