Adopt fin-tech modules to drive banking industry – BoG urges banks

Head of Banking Supervision at the Bank of Ghana (BoG) has urged banks and financial institutions to implement financial technology modules to improve the banking industry.

According to Osei Gyasi, the banking industry is gradually moving towards a digital approach to improve service delivery.

Speaking at the 24th National Banking Conference held in Accra on Tuesday, November 17, 2020, Osei Gyasi explained, “the banking landscape is changing from physical service delivery to digital banking platforms with a rapid adoption of financial technology. This is broadly in line with the government’s ongoing digitization program as well as the Bank of Ghana’s financial technology drive to support financial inclusion.”

He continued, “It is a fact that financial technology will be a game-changer in the financial sector and for that matter, banks will have to scale up digital banking to be future-ready,”

Meanwhile, President of the Ghana Institute of Bankers has revealed plans to launch the Ghana Banking Code of Ethics.

“The Ghana Banking Code of Ethics is a collaboration between Bank of Ghana, the Ghana Association of Bankers and the Chartered Institute of Bankers coming together with the endorsement of the government under ACT 991 to further reinforce confidence in the banking sector by way of ensuring ethical behavior by all staff members in the banking sector.” Patricia Sappor explained.