Government To Ensure Prudent Financial Services

The Government of Ghana has joined the Smart Campaign, a leading global voice on financial consumer protection and empowerment to advocate Client Protection Principles in Ghana’s financial sector.

According to the Head of Development Finance at the Ministry of Finance (MoF), Godwin Anku, it is government’s desire that citizens receive transparency, respect and prudent financial services.

Mr Anku made this known at Smart Campaign Financial Inclusion Forum held in Accra on Monday.

In order for prudent financial services to be achieved, he said government seeks to establish a high level Financial Strategic Council which will be made up of all financial sector players with members from the MoF, Bank of Ghana, National Insurance Collation, National Pensions Regulatory Authority (NPRA) and other high-level finance institutions.

He said, “The council would approve, strengthen and institutionalise grounds for maintaining financial stability, financial sector development and coordination as well as monitor the micro-finance potential of the economy.”

Financial Education

Also in the same strategic plan is an education initiative for financial product and service consumers.

Mr Anku said, “It is necessary to give some education to the client so that we can make them understand what the financial sector terminologies and activities are all about and this will help them to independently take financial decision and detect basic vulnerabilities within the market.

According to him instead of using written advertorial tools, they intend subscribing to documentaries and other audio and visual to make the teaching more interesting and productive.

Get Certified

In an opening address, Ms Isabelle Barres, Vice President, Centre for Financial Inclusion (CFI) and Director of the Smart Campaign encouraged Ghanaian owned finance businesses to obtain the Smart Certification―a programme that allows financial institutions to demonstrate their adherence to client protection principles through a rigorous and objective third-party evaluation.

According to her, getting certified would help providers minimise harm caused to clients, improve business and increase staff morale.

It would also garner public recognition that would boost the institution’s reputation and in turn, attract investors.

Interested parties are asked to contact accredited certification bodies once they are ready to demonstrate full adherence to client protection principles.

Smart Campaign

The smart Campaign works globally to create an environment in which financial services are delivered safely and responsibly   to low income clients.

It is currently focusing its activities in five Sub-Saharan African countries: Benin, Ghana, Nigeria, Rwanda and Uganda.

Source: Grace Ablewor Sogbey/ [email protected]