Leverage on digital banking for trading under AfCFTA – Bawumia
Vice President Mahamudu Bawumia has implored the Chartered Institute of Bankers, Ghana and stakeholders in the banking industry to build synergies and leverage on digital banking for trading under the Africa Continental Free Trade Area (AfCFTA).
He said digitisation was the future for banking globally, and it was imperative for banks and other stakeholders to collaborate and use digital platforms for cross-border transactions and trade facilitation on the continent.
That, he said, would increase the assets of banks and bolster their customer base to spur economic growth of African countries.
Vice President Bawumia made the call at the 25th National Banking Conference of the CIB Ghana, in Accra on Thursday on the theme:”The Digital Economy of Ghana: The Strategic Role of the Banking Industry”.
Dr Bawumia, also a Fellow of the Chartered institute of Bankers, Ghana, outlined various digital infrastructure initiatives government had rolled-out since 2018 including; the Digital Property Address System, Mobile Money Interoperability Payment System, Universal QR Code, issuance of the Ghana-Card and Ghana.gov portal that were aiding electronic transactions and improving financial inclusion among Ghanaians.
He said, for instance, about 19 million Ghanaians were mobile money users and 15.7 million people, representing 85 percent of the adult population had been issued with Ghana-Cards.
He stated that a Bank of Ghana (BoG) report on mobile money transactions between 2019 and 2020 revealed that Momo transactions increased by 365 percent in volumes and 651 percent in value, saying; “Digital transformation agenda of government has been phenomenal”.
He believed that digitisation was the future and banks that leverage on digital banking would gain a competitive edge over their competitors that continue using traditional methods of banking.
The Vice President lauded the Ministry of Finance and the Bank of Ghana for rolling-out robust digital financial policies over the past two decades to help deepen financial inclusion and digital payments in Ghana.
He urged the CIB Ghana to implement robust training programmes for its members to enhance efficiency in the delivery of banking services and aid the overall growth of the Ghanaian economy.
Right Reverend Patricia Sappor, the President of the Chartered institute of Bankers, Ghana, in her welcome remarks, observed that the banking industry had been evolving over the past decades, therefore it was imperative for banks to adopt technology and innovative reforms to remain competitive.
She noted that in this era of fourth industrial revolution, it was critical for banks to embrace digital banking to improve on their operations and create value for their customers and stakeholders.
Mrs Mansa Nettey, President, Ghana Association of Bankers, in an address read on her behalf, said customer needs had become sophisticated, therefore using digital tools in rendering banking services would be useful in satisfying their needs.
She, therefore, entreated bankers to roll-out digital products and embrace digital banking services to stay afloat in business.