Ghana: BoG to Implement Credit Market Diagnostic Project
The Bank of Ghana (BoG) is to implement a credit market diagnostic project to improve the credit services delivery in the digital financial industry in the country to promote financial inclusion.
He said the objective of the project was to move the focus on digital financial services on savings, payments, investments and insurance to credit products and services. Dr Addison who disclosed this in Accra on Wednesday, at the launch of the Second Phase of the Mobile Money Interoperatability (MMI) platform said the project had become necessary to move from savings, payments, investment and insurance to credit services in the digital financial sector.
"Currently, most of the digital financial products available in the Ghanaian ecosystem are in the category of savings, payments, investments, insurance. Credit products receive less attention thereby limiting the capacity of the unbanked and underserved to borrowing for economic activities. A deliberate and concerted effort to develop an electronic credit market is therefore necessary to promote financial inclusiveness," he said.
The programme, which will be implemented in partnership with the Financial Sector Deepening (FSD) Africa, is meant to indentifying constraints to credit delivery and propose measures to overcome them and complement efforts towards expanding the scope of financial access to both the banked and the unbanked in society. Dr Addison said the launch of the second phase of the MMI was another milestone in the quest to deepening financial intermediation and inclusion, while "digitising the economy and levelling the playing field for both the banked and unbanked".
The first phase of the project which started in 2007 was launched in May 2008, and the MMI is meant to integrate three payment systems, namely mobile money, Ghana National Switch (e-zwich) and the Ghana Inter-bank Payment and Settlement Systems (GhIPPS). Dr Addison said the performance of the interoperatability platform since implementing the first phase had been impressive and helped to promote convenience and accessibility and value for money for digital financial services. Read more from All Africa.
Source: All Africa