Ghana Card has made positive impact on the financial sector - Fidelity Bank MD

The Managing Director of Fidelity Bank, Julian Opuni has acknowledged and commended the significant contributions of the Ghana Card to the financial sector.

In a release issued by the Fidelity Bank MD after an encounter with the Oxford Business Group, Julian Opuni specifically observed the immense positive impact the Ghana Card has made in boosting security measures, as well as combating fraud in the financial sector.

While commending the role of the Ghana Card in sanitising the financial sector, he highlighted the card's strong biometric features, real-time data readability, and seamless integration with other systems, such as the citing its role in promoting accurate Know Your Customer (KYC) compliance and anti-money laundering efforts.

He also highlighted how the Ghana Card has altered the risk profile of public sector instruments, potentially making private sector credit more appealing to banks in the future.

Mr. Julian Opuni also referenced the important role the Ghana Card has played in facilitating digital transactions, especially mobile banking or mobile money interoperability, which he noted, is shifting the country towards a cashless society.

"Traditional and financial technology (fintech) institutions can leverage the comprehensive database to offer diverse financial services, promoting cashless transactions. These advancements contribute to a more inclusive financial ecosystem by removing barriers to entry, especially for the economically disadvantaged. By streamlining the online and in-person account opening process, the Ghana Card provides accessible formal identification, particularly for those in remote areas”, Opuni said during an interview with the Oxford Business Group.

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