Business News Fri, 19 Nov 2021

Develop innovative products for customers - Bawumia to banks

Veep urges banks to leverage govt's digital agenda

Banks to ensure digital inclusion for all sectors

Banks charged to help private sector with credit facilities

Vice President Dr Mahamudu Bawumia has charged banks to develop innovative products to serve customers as plans are advanced to roll out Ghana's e-cedi.

According to him, the achievement of Ghana's digital agenda is somewhat dependent on financial institutions in creating digitally friendly environments for all categories of customers.

The Vice- President believes "the launch of Ghana's universal QR code or the introduction of the central banks e-cedi will go a long way to push the cash lite agenda."

He, however, charged banks and financial institutions to take advantage of the government's agenda to create a digital economy to ensure financial inclusion for all categories of persons in the economy.

With the introduction of the e-cedi in the offing, commercial banks should be proactive in developing digital assets and products for different categories of customers.

He admonished them "…also leverage on government's digitalization agenda to improve credit for the private sector."

Dr Bawumia opined that continuous investment in digital platforms would continue to facilitate and ease trade and transactions through the adoption of a more Fintech approach to spur innovation for the benefit of Ghanaians.

Speaking at the National Banking Conference organized by the Chartered Institute of Bankers Ghana under the theme "The Digital Economy of Ghana: The strategic role of the Banking industry", he implored all stakeholders to explore possible synergies and partnerships in advancing digital technological innovations in a bid to re-define the banking sector which will ultimately spur economic growth.

According to him, the "government's effort in spearheading the national digitalization drive through robust policy-making initiatives and a conducive environment is in full course."
Source: www.ghanaweb.com