Leveraging Technology for Financial Inclusion in Africa
Explore how the Bank of Ghana, under the leadership of Mrs. Clarissa Kudowor, is driving access to finance in Africa through innovative technology solutions. Learn about government policy initiatives, central bank interventions, and the role of financial service providers in promoting financial literacy and inclusion. Discover the impact of mobile money operators, agent networks, and digital address systems in advancing financial services for the last mile in Africa.
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Presentation Transcript
FROM INFORMAL TO FORMAL: HARNESSING THE POTENTIAL OF TECHNOLOGY TO DRIVE ACCESS TO FINANCE FOR THE LAST MILE IN AFRICA PRESENTATION BY MRS. CLARISSA KUDOWOR, ASST. DIRECTOR, PAYMENT SYETSMS DEPT. BANK OF GHANA 25THAPRIL 2018 BANK OF GHANA EST. 1957
ECOSYSTEM GOVERNMENT CENTRAL BANK FINANCIAL SERVICE PROVIDERS MOBILE MONEY OPERATORS AGENT NETWORK MANAGERS TECHNOLOGY DEVELOPMENT PARTNERS BANK OF GHANA EST. 1957
GOVERNMENT POLICY INITIATIVES NFIDS linking SGs/VSLAs to formal financial institutions with technical support from the World Bank. Identify existing SGs, promote, and establish new SGs/VSLAs Financial capacity building of SGs/VSLAs Sensitization on linkages to formal FSP Financial literacy Develop and facilitate relationships with the formal FSPs BANK OF GHANA EST. 1957
GOVERNMENT POLICY INITIATIVES Digital Address system National Identification system Interoperable retail payment systems BANK OF GHANA EST. 1957
CENTRAL BANK Enabling regulatory environment Promote innovation to accelerate financial inclusion and extend reach of financial services Support in the provision the necessary infrastructure (agent registry, collateral registry, credit market development, etc) Consumer protection in a DFS BANK OF GHANA EST. 1957
FINANCIAL SERVICE PROVIDERS ACCESS POINTS TIERED KYC REQUIREMENTS SIMPLE LOW KYC ACCESS TO AFFORDABLE FINANCIAL PRODUCTS AND SERVICES FINANCIAL LITERACY ACCESS TO NANO & MICRO LOANS USE OF DATA ANALYTICS BANK OF GHANA EST. 1957
MOMOs Massive deployment of agent network across the country (200k) Over 20 participating partner banks Growing number of payment service providers/aggregators GHS 2.32 bn float balance as at December, 2016 24.8 Million registered subscribers as at December, 2016 (8.3 mil active) 78% annual growth rate in transaction vol (2017)from 2016 BANK OF GHANA EST. 1957
AGENT NETWORK MANAGERS AGENT ACQUISITION PRODUCT ACQUISTION AGENT MANAGEMENT PROFITABILITY VILLAGE AGENTS BANK OF GHANA EST. 1957
TECHNOLOGY -3RDPARTIES Aggregation platforms Merchant services Value added services BANK OF GHANA EST. 1957
DEVELOPMENT PARTNERS CARE INTERNATIONAL UNCDF PLAN INTERNATIONAL BANK OF GHANA EST. 1957
Informal 2 Formal THANK YOU! CLARISSA KUDOWOR BANK OF GHANA
