Ghana Digital Financial Services Initiative to be launched

By: Fred Yaw Sarpong- Daily Express

International Finance Corporation (IFC), a member of the World Bank Group, together with the State Secretariat of Economic Affairs of Switzerland (SECO) and the Consultative Group to Assist the Poor (CGAP) will launch Ghana Digital Financial Services Initiative on Wednesday June 8, 2016.

According IFC, the Ghana Digital Financial Services Initiative aimed at advancing financial inclusion in Ghana through the use of new technology and innovative business models.

A statement from the IFC mentioned that the US$5.6 million Ghana Digital Financial Services Initiative is funded by SECO and will be implemented by IFC and CGAP in collaboration with the Central Bank of Ghana and the financial industry.

“The program will support regulatory and market capacity, and provide direct technical assistance to two industry actors to increase the reach of digital financial services in support of inclusive economic growth,” the statement said.

It noted that “broad access to affordable and regulated financial services is a key tool in the fight against poverty, and the World Bank Group is committed to help bring about universal financial inclusion by 2020.”

The statement mentioned that about half of the population in Ghana currently has access to formal financial services (58 percent- Finscope 2015), with digital financial services driving the most of the recent expansion.

The launch of the Ghana Digital Financial Services initiative will include a recent market update on digital financial services in Ghana and a panel discussion on the role and future of digital financial services in the Ghanaian economy.

Representatives from Bank of Ghana, SECO, IFC, Ecobank, MTN and Vodafone Ghana are expected to be the speakers for the day.

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