Let's work together to scale up digital inclusion with innovative fintech solutions - BoG to Telcos

Clarissa Kudowor, Deputy Director of the Payment Systems Department of the Bank of Ghana (BoG), has called for innovative Financial technology solutions to help in scaling merchant acceptance through digital solutions.

Despite the successes within the Ghanaian Fintech industry which boasts about 43 registered companies who workforce is largely reliant on local talents, there is still more work to be done in order to maximise the gains of digital financial inclusion.

"Digital technology is enhancing easy access to credit in novel ways."

"There is the need to further scale up merchant acceptance through digital payments, this calls for innovative fintech solutions sensitive to the peculiar need for diverse businesses" She said in an address read on behalf of the Governor of the Bank of Ghana, Dr. Ernest Addison.

Clarissa Kudowor was speaking at Day 1 of the 2023 Mobile Technology for Development Conference on the the topic; Driving a digital and financial inclusion in our financial ecosystem

According to Madam Clarissa Kudowor the over 700,000 registered mobile money agents in the country however indicates that the country's financial digitization agenda is contributing significantly towards job creation.

"Data generated from digital payment transactions and the GSMA airtime have become valuable inputs for generating credit scores using data analytics tools."

"Without collaterals, micro enterprises and individuals have obtained instant micro loans for economic activities and for emergency financing needs." The deputy director at the BoG said.


Source: Chamber News Desk