The Managing Director of Absa Bank Ghana, Abena Osei-Poku, says collaboration is the new competition in the digital financial services space across the continent. She made the comments during a panel discussion on how Africa can build resilience and drive differentiation in the financial sector at the ongoing Financial Times Global Summit. Africa’s financial services sector has transformed from a decade...
For its sterling leadership in the financial industry, Fidelity Bank Ghana Limited has been adjudged Bank of the Year at the 2021 Ghana Business Awards held at the Kempinski Hotel in Accra. The Ghana Business Awards is a prestigious awards programme that recognizes individuals and companies that play significant roles in the growth and development of their respective business sectors...
The Association of Rural Bank (ARB) has renewed its appeal to the government to reconsider a reduction in the corporate tax rate for rural and community banks. Corporate Tax Rate for the RCBs has been increased from eight per cent to 25 percent since 2016 – which means a quarter of their profits go to the state; a situation that...
The reconstituted board of the National Insurance Commission (NIC), has been inaugurated with a call on them to work hard to deepen insurance penetration in the informal sector insurance market. The Minister of Finance, Ken Ofori-Atta, who made the call in Accra on Tuesday, said there was a huge untapped market in the informal sector and the board must initiate...
The Chief Executive of the Ghana Interbank Payment and Settlement System (GhIPSS), Mr. Archie Hesse, says they are working around the clock to ensure intra-African payments from and to Ghana are smooth once the Pan-African Payment and Settlement System (PAPSS) becomes fully operational. The operational roll-out of the revolutionary continent-wide payment facilitation platform in local currencies, happened in September this...
Rural and Community Banks (RCBs) have been urged to take advantage of the emerging digital banking system to roll out tailor-made digital products and services for their clients. This must come with appropriate risk management structures to improve operational efficiency, deepen financial inclusion and increase customer satisfaction. Mr Yaw Sapong, Head of Other Financial Institutions Supervision Department of the Bank...
Total Assets Under Management (AUM) saw a significant growth in 2020 as a result of an increase in pension funds, the Bank of Ghana’s Financial Stability 2020 Report has revealed. At the end of 2020, it stood at ¢30.58 billion, a growth of 8.04% from the previous year, compared to a decline of 0.01% in 2019. Total Assets Under Management at...
In the first four months of 2021, the usage of mobile money in non-cash retail payments overtook the traditional cheque transactions in the country. A Bank of Ghana (BoG) report on payment systems showed that while the volume of transactions on mobile money was GH¢301.1 billion, that of cheque transactions was GH¢68.3 billion between January and April this year. The Chartered...
The argument over the proposed 1.75% Electronic Transaction Levy in the 2022 Budget and Economic Policy will not go away soon, as the Institute of Economic Affairs is proposing a 0.5% for the levy. This it believes will ease the burden on consumers and avoid negative reactions from the public. The IEA claims the 1.75% levy is too high, as the...
Bank of Ghana has been awarded for outstanding leadership in the Corporate Governance landscape and regulatory excellence in the financial services sector in Ghana. The award follows the Bank’s significant role in promoting the culture of good corporate governance in Ghana and its impressive achievement in reforming the banking and financial services sector in Ghana. The Governor of the Bank...
