Ghana has been recognized as the only country that has reached maturity stage in access to financial inclusion in Africa. This was contained in this year’s State of Inclusive Instant Payment in Africa Report put together by AfricaNenda and launched at the ongoing Mobile World Congress Africa 2022 in Kigali, Rwanda. The report seeks to tell a story about all instant...
The Chief Operating Officer (COO) of UBA Ghana, Felix Ugbebor has said that ATM operations form a critical part of branding for any Bank. The UBA COO was speaking at a conference at the Movenpick Ambassador Hotel at this year’s ATM Innovation Roadshow organised by INLAKS, an Information Technology Solutions provider. The conference was under the theme, “Self Service Innovation Summit:...
The Bank of Ghana has assured Players in the financial service eco-system of its unwavering commitment to the cash-lite agenda. According to the Central Bank, it has already started collaborating with FinTech Accelerators, Technology Hubs, and has facilitated various sessions on licensing requirements, corporate governance and compliance for reporting institutions. This further demonstrates its openness and engaging attitude toward industry players. Delivering...
The Ghana cedi lost 40.05% in value to the US dollar in nine months of 2022, ranking it as the second worst performing currency in the world in the 147th position, according to Bloomberg. This decline in the local currency against the American currency is the worst in over three decades. The performance of the cedi also ranked it as the...
A former President of the Association of Banks, Alhanssan Andani is of the view that it is time for the Bank of Ghana (BoG) to take a second look at the Monetary Policy Committee’s decisions to increase the policy rate in recent times. Mr. Andani argued that the recent rate hikes have not yielded the targetted results of bringing inflation...
The Bank of Ghana says the resilience of the banking industry remained robust to extreme loan impairment in 2021. This was supported by a strong capital position resulting from increasing profitability and Covid-19 relief measures. Again, the Loan Concentration Model stress test further showed that the banking industry was robust to credit concentration shocks According to the 2022 Financial Stability Review, the...
In what could mark the beginning of a new epoch in the nation’s digital finance journey, the banking sector regulator – the Bank of Ghana (BoG) – has given the clearest indication yet that it is open to dialogue with cryptocurrency stakeholders on a comprehensive regulatory framework for the asset class. The BoG’s stance was conveyed in remarks delivered by...
The Bank of Ghana (BoG) is warning individuals who have acquired loans through Mobile Money platforms, but have deliberately refused to register their SIM cards with the intention of avoiding repayment of the loans to rescind the decision and clear the debt. A statement from the BoG stressed that, “failure to repay such loans will attract negative repercussions on borrowers’...
The amount involved in the full bailout scheme of Liquidated Fund Management Companies increased to ₵3.65 billion, from ₵1.38 billion, the 2022 Financial Stability Review of the Bank of Ghana has revealed. Out of this, payout to investors increased to ₵1.56 billion in 2021 from ₵622.66 million in 2020. The number of claims paid was 8,955 out of the 11,915 sign...
Insurance industries in developing countries must deploy technology to enhance coverage and improve their services, Dr Mohamed Ibn Chambas, Former Special Representative of the Secretary-General and Head of the United Nations Office for West Africa and Sahel, has said. He stressed that insurance companies should examine “how cutting-edge technological innovations such as big data and scientific studies” could help them...
