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Banks collapse: Financial stability strategy rolls out in 2019

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The Ministry of Finance is hopeful of finalizing processes for the implementation of the Financial Inclusion Strategy by the end of 2018 ahead of full take off in 2019.

The strategy will address issues of soundness and stability in the financial market.

It will also be involved with the deployment of financial infrastructure, strengthen financial protection and improve upon financial literacy and capacity.

In an interview with Citi Business News, Director for the Financial Sector Division of the Ministry of Finance, Sampson Akligoh said the implementation of the strategy will bring about greater regulation of the country’s financial sector.

“The government has been working on a national financial inclusion and development strategy so when we get the approval and the funding support we will start that, we hope to finish the preparatory process by the end of the year and then we can start next year”.

Mr Akligoh said the ministry is also working on implementing several policies to tackle the numerous challenges in the financial sector.

He made these comments at the sidelines of the launch of MoneyGram to Mobile Money Service to improve last Mile Access.

Following the launch, customers around the world will be able to send money directly to more than 11 million mobile wallets in Ghana through the services of MoneyGram and Zeepay.

Funds can be sent via MoneyGram online or at any one of MoneyGram’s locations in 200 territories around the world into mobile wallets in minutes.

Money can be accessed 24/7 and used instantly for purchasing goods and services online.

The receiver may also pick up their remittances in cash at over 2000 banking partner locations across the country or have it debited into a bank account.

By: Anita Arthur/citibusinessnews.com/Ghana


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