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Business News of Monday, 25 October 2021

Source: ghanaiantimes.com.gh

BoG launches financial inclusion project for PWDs

Second Deputy Governor of BOG, Elsie Addo Awadzi Second Deputy Governor of BOG, Elsie Addo Awadzi

The Bank of Ghana (BOG) is developing a regulatory framework that will compel banks and financial institutions to design and provide innovative digital financial services and products, which respond to the needs of Persons with Disabilities (PwDs).

According to BOG, this was expected to increase accessibility of digital and analogue financial services for PwDs, such as Mobile Money transactions and Online Banking, among others.

The Second Deputy Governor of BOG, Elsie Addo Awadzi, said this yesterday in Accra when she launched the Financial Inclusion for PWDs project.

The project is expected to create awareness and aid the framing and implementation of innovative actions and policies, foster partnership among stakeholders, build capacity and leveraging technology to improve accessible financial services for PWDs in the country.

It brought together representatives from the Ministry of Finance, the National Insurance Commission, the Ghana Federation of Disability Organisation and other key institutions to brainstorm on how to increase the participation of PWDs in the financial industry.

Mrs Awadzi mentioned developing policies that include the Ghana National Financial Inclusion and Development Strategy Financial Inclusion for PWDs.

She explained that these policies were to basically increase accessibility of digital and analogue financial services for PwDs.

“Ghana’s National Financial Inclusion and Development Strategy seek to increase the rate of financial inclusion in Ghana from 58 per cent in 2015 to 85 per cent by 2023.

“This is expected to remove barriers that prevent underserved segments of the population from accessing financial products and services and enables them to generate income, build assets, manage financial risks, and become economically empowered,” she said.

Mrs Awadzi said, there was a need to strengthen the capacity of banks and financial institutions to provide more financial services to PwDs, through advocacy and advisory platform to promote access to finance for PwDs.

The Head of Banking and Non-Banking Unit of the Ministry of Finance, Andrew Ameckson said, the government was committed to develop policies that would create enabling environment for the delivery of financial products for underserved peoples which includes PWDs.

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