New policies launched to speed up financial inclusion for economic transformation

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In its quest to increase financial inclusion from the current 58 percent to 85 percent by 2023, the Ministry of Finance has introduced the National Financial Inclusion and Development Strategy to help create economic opportunities and reduce poverty. 

This strategy is part of three new initiatives introduced by government to speed up financial inclusion and digital payments to transform the economy. 

Already, the novel Coronavirus pandemic has impacted the use of cash as people are being encouraged to employ the use of digital payments systems to reduce face to face interaction and the possible spread of the virus. 

A statement issued by the Ministry of Finance said 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 help provide solutions for better access to financial services, enable regulation and oversight and promote consumer protection. 

Additionally, 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 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 further noted. 

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

According to the statement, the launch of the three new policies conform 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 emancipation for the many players in the large informal sector. 

Source: CBS