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THE Managing Director of Fidelity Bank, Julian Opuni, says the Ghana Card has made significant contribution to the financial sector, particularly in enhancing security measures and combating fraud.
He mentioned for instance, the card's state-of-the-art biometric features, real-time data capabilities, and seamless integration with existing systems, citing its role in promoting accurate Know Your Customer (KYC) compliance and anti-money laundering efforts.
He also underscored the importance of Ghana Card in facilitating digital transactions and mobile banking, heralding a shift towards a more cashless and inclusive society in the country.
He made the observations in a release after an encounter with the Oxford Business Group.
‘‘Traditional and financial technology (fintech) institutions can leverage the comprehensive database to offer diverse financial services, promoting cashless transactions.
These advancements contribute to a more inclusive financial ecosystem by removing barriers to entry, especially for the economically disadvantaged.
By streamlining the online and in-person account opening process, the Ghana Card provides accessible formal identification, particularly for those in remote areas,” he added.
On the challenges posed by the Domestic Debt Exchange Programme (DDEP) to financial institutions, Mr Opuni acknowledged the significant restructuring hurdles but also identified potential opportunities.
He noted how the programme has altered the risk profile of public sector instruments, potentially making private sector credit more appealing to banks in the future.
In spite of the challenges, Mr Opuni said there was a potential resurgence in private sector lending and investment as economic conditions improve and borrowing rates decline.
“Looking ahead, there is potential for a rebound in private sector lending and investment. The DDEP has reshaped the risk profile of public sector financial instruments, prompting banks to view private sector credit more favourably.
As the macroeconomic landscape and business sentiment gradually improve, coupled with decreasing borrowing and inflation rates, private sector credit may become more attractive for banks deploying their assets,” he said.
Mr Opuni reiterated Fidelity Bank's commitment to financial inclusion as a cornerstone of economic growth and equality.
He outlined the bank's comprehensive approach, encompassing technological innovation, strategic partnerships and financial literacy initiatives to extend access to underserved communities.
“A dedicated focus on financial literacy and education programmes ensures that access to services is complemented by informed decision-making. Empowering communities with financial knowledge foster a culture of saving and responsible financial behaviour,” he said.
