Vice President Dr. Mahamudu Bawumia wants the banking industry to take advantage of digitisation and digitalisation to harness trading under the African Continental Free Trade Area (AfCFTA).
Considering the fact that digitisation is now touted as the future for banking globally, he said it was imperative for banks and other stakeholders to collaborate and use digital platforms for cross-border transactions and trade facilitation on the continent.
He believes that would increase the assets of banks and bolster their customer base to spur economic growth of African countries.
The Vice President gave the advice when he delivered the keynote address at the 25th National Banking Conference of the Chartered Institute of Banker (CIB), Ghana, in Accra Thursday held under the theme: “The Digital Economy of Ghana: The Strategic Role of the Banking Industry.”
Dr. Bawumia, who is also a Fellow of the Chartered Institute of Bankers, Ghana, outlined various digital infrastructure initiatives the Akufo-Addo-led government has 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 per cent of the adult population had been issued with Ghana Cards.
The Bank of Ghana (BoG) report on mobile money transactions between 2019 and 2020, he said revealed that mobile money transactions increased by 365 per cent in volumes and 651 per cent in value, thereby insisting “digital transformation agenda of government has been phenomenal.”
That, he said, was the reason digitisation is the future, hence the need for banks to leverage on digital banking to gain competitive edge over their competitors who continue to use 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 in order to improve on their operations and create value for their customers and stakeholders.
Mansa Nettey, President, Ghana Association of Bankers, in an address read on her behalf, said customer needs had become very 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 and for trading under the African Continental Free Trade Area (AfCFTA).
By Charles Takyi-Boadu