Skip to main content

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.



Comments

Popular posts from this blog

Akuapem-Apirede to promote tourism

By: Fred Yaw Sarpong sarpong007@gmaail.com
The Chiefs and people of Akuapem-Apirede in the Okere Constituency of the Akuapem North Municipality have put in place strategic plans to promote tourist sites in the town.
Apiredehene, Nana Saforo Okoampah III told the Daily Express that their vision is to develop Apirede in a modern way.
“We want to have a modern society and environment. We are doing this on the basis of promoting tourism here,” he added.
According to the Apiredehene, it’s their plan to promote the historic sites and the geographical location of the community.
Apirede is one of the 17 towns that forms the Akuapem State and historically, it used to house the armours of the Akuapem State. The community is part of the Nifa division of Akuapem.
He stated that one of those things was called ‘Odosu’ (the war god for Okuapemhene). “The Chief Executioner in those days for Akuapem also came from Apirede and items that he used were also kept here,” he stated.
“These are a lot of things …

PIAC told to go to court to enforce recommendations

By: Fred Yaw Sarpong
sarpong007@gmail.com

The Public Interest and Accountability Committee (PIAC), the mandated body to monitor the use of Ghana’s oil revenues has been asked to go to court to seek strict compliance of the laws covering accountability of oil funds in the country.

According to Dr. Steve Manteaw, the Campaign Coordinator for ISODEC and a member of the PIAC , it’s time for PIAC as a body to consider going to court to compel institutions responsible for managing Ghana’s oil revenue to answers some questions concerning the expenditure of oil funds.

He pointed out that there are several recommendations made by the PIAC in its past reports on management of petroleum revenues, and a lot of these recommendations has received no positive response from the institutions concerned.

He disclosed this to the Daily Express at a three-day workshop on Interrogating the 2016 Semi Annual PIAC Report at Koforidua in the Eastern Region.

The workshop was organized by the Institute of Financ…

BoG shuts down two financial institutions

The Bank of Ghana has closed down two financial institutions in the country. This was after the central bank investigation revealed that the two companies were operating without approval.

The two companies were Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL).

The Daily Express gathered that the ADFSL was asked to stop operating after the central bank realized the institution had not been licensed to take deposit from the public.

A statement from BoG said the ADFSL continued to operate despite the orders from the Bank of Ghana. It however closed down ADFSL’s operation until further notice.

The Bank of Ghana said that the ADFSL is located at Asufufu, opposite the Sunyani Traditional Council in the Brong Ahafo region.

“The decision to close down ADFSL is in furtherance of section 20(2) (g) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Bank of Ghana has investigated ADFSL thoroughly and has concluded that its a…