Policy For Financial Inclusion And Digital Payments Launched By Ministry Of Finance

The Ministry of Finance has launched three policy initiatives designed to deepen financial inclusion and accelerate the shift to digital payments.

The National Financial Inclusion and Development Strategy was developed in collaboration with the World Bank. The strategy aims at increasing financial inclusion from the current 58% to 85% by 2023 and to help create economic opportunities and reducing poverty.

The Digital Financial Services Policy (NDFS), developed in partnership with the Consultative Group to Assist the Poor (CGAP), will build on existing technological gains to create a resilient, inclusive and innovative digital ecosystem.

The Cash-Lite Roadmap was designed in collaboration with the United Nations-based Better Than Cash Alliance, puts forward concrete steps to build an inclusive digital payments ecosystem, including:

  • Better access to financial services,
  • Enabling regulation and oversight, and
  • Promoting consumer protection

At the launch, Mr. Ken Ofori-Atta, the Minister of Finance, spoke about the launch of the policy: “Digital payments help drive transparency, accountability, efficiency, as well as greater women’s participation in the economy. Moving away from cash helps our country advance towards achieving many of the Sustainable Development Goals.”

Dr. Ruth Goodwin-Groen, Managing Director of the United Nations-based Better Than Cash Alliance, “Ghana is already recognized as a global digital payments success story! We look forward to continuing working with our members, the Government, and with the private sector and international organisations, to accelerate the new ambitious cash-lite roadmap, in a way that is responsible and responsive to the needs of all Ghanaians.”

Matthias Feldmann, Deputy Head of Mission / Head of Cooperation at the Swiss Embassy in Ghana noted that, “SECO has been committed to supporting the growth of digital financial services in Ghana because we are aware of the substantial positive impact it has on driving financial access for the poor, unleashing innovation and making the economy more resilient.”

Policy Documents can be viewed on the Ministry of Finance website

Source: Ghana News Agency

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