The Bank of Ghana (BoG) has indicated that there has been notable progress in financial inclusion within Ghana in recent years, primarily due to the rising adoption of Digital Financial Services (DFS), especially mobile money.
The Bank announced the implementation of the National Payment Systems Strategic Plan (NPSS) from 2019 to 2024 to enhance financial inclusion. Additionally, the Bank partnered with the Ministry of Finance (MoF) to execute the National Financial Inclusion and Development Strategy (NFIDS) (2018 – 2023) along with the Cash-lite roadmap.
These initiatives were designed to improve governance, assist fintech companies, and establish supportive regulations to broaden the DFS infrastructure, as stated by the Bank. The significant impact of these efforts is clearly demonstrated by the rapid increase in financial inclusion in 2021, which was a crucial year as access reached 96 percent of the population, according to the central bank.
“This substantial advancement, propelled by streamlined regulations and innovative digital financial services, has established a robust foundation for ongoing growth and enhanced financial inclusion in the future,” stated the Bank of Ghana’s Payment Systems Oversight 2024 annual report.
Furthermore, the BoG mentioned that various policy measures were implemented to bolster the development of the Bank’s strategic initiatives and to steer its ongoing efforts towards fostering a more inclusive, resilient, and forward-looking payment ecosystem for everyone.
The initiatives included: Financial Literacy Campaigns; Empowerment of Women in Technology; Expansion of Agency Banking; and Growth in Digital Lending.
The Financial Inclusion and Consumer Education Office executed a financial literacy initiative throughout the Central, Volta, and Eastern Regions of Ghana. This initiative aimed to improve financial understanding regarding loans, savings, investments, and insurance, with an emphasis on empowering individuals to make well-informed financial choices. Significant activities involved visits to educational institutions and community centers, where participants were provided with materials addressing crucial financial subjects such as responsible borrowing, investment fundamentals, saving techniques, and the significance of insurance.
The initiative effectively engaged participants, many of whom reported heightened confidence in their financial decision-making and a keen interest in further education.
In total, five hundred educational resources were distributed, and participants were actively involved in discussions. Nonetheless, challenges such as time limitations due to student examinations and differing levels of financial literacy among participants were observed.
Suggestions for future initiatives include follow-up workshops to enhance learning, as well as the incorporation of additional subjects like cybersecurity and fraud prevention. The initiative was deemed successful in raising awareness and improving financial literacy. It is anticipated that this campaign will continue to have a lasting positive effect on community empowerment.
