Vice President Dr Mahamudu Bawumia has showered praises on financial institutions in Ghana for what he described as their immense roles towards the country’s successful payment system.
Dr Bawumia was speaking at the 25th Banking Conference of the Chartered Institute of Bankers, held in Accra on Thursday, November 18, 2021.
This year’s conference was held under the theme: ‘The Digital Economy of Ghana: The Role of The Banking Industry.’
‘Payment System‘
Ghana currently has one of the robust payment systems in Africa, with commercial banks and other financial institutions in the country offering their customers choice at checkout by accepting credit cards and mobile money.
Other payment options in Ghana include National Switch and Biometric Smart Card Payment System- e-zwich, Cheque Codeline Clearing (ccc) System, Ghana Automated Clearing House (gach) systems- Direct Credit and Direct Debit.
The West African nation has in recent years been making several efforts to digitize its economy.
Ghana is the first country in Africa to successfully introduce mobile money interoperability, a system that enables or allows mobile money payments to be made across different mobile telephone networks.
Reforms
Dr Bawumia in his speech, also acknowledged “the Bank of Ghana’s efforts in deploying comprehensive reforms and interventions, especially during these unprecedented times, by providing the financial sector with various regulatory reliefs that allowed banks to provide financial support to critical sectors of the economy as part of the COVID-19 policy responses.”
Attendance
In attendance at the banking conference were the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison and his two deputies namely Maxwell Opoku-Afari and Elsie Addo Awadzi, as well as captains of industry.
About the Chartered Institute of Bankers
The Chartered Institute of Bankers remains one of Ghana’s leading professional qualification and educational institutions in financial services.