Ghana: Zenith Bank and Mastercard extend partnership to improve financial inclusion
Citizens will have access to safer ways to pay for goods and services.Mastercard and Zenith Bank have extended their partnership in West Africa to offer digital payment solutions in Ghana, such as prepaid, debit and credit cards.
Users will have access to safer ways to pay for goods and services, given that the payment cards are EMV Chip and PIN enabled.
Omokehinde Adebanjo, business head for West Africa at Mastercard, told the African Business Review that the new services will play a role in improving access to the formal financial sector for the unbanked.
Currently, only 35 percent of the country’s citizens have an account at a financial institution, and 58 per cent have access to formal financial services, including through mobile banking.
The government is looking to achieve 75 per cent financial inclusion target by the end of 2021 strategy period.
Recently, Ghana has intensified efforts to ensure financial inclusion. In August 2016, a technical committee was constituted by the Ministry of Finance to develop plans and financial inclusion strategies to accelerate spread of financial services in Ghana.