BoG to soon issue a directive promoting access to finance for Persons with Disabilities
The Bank of Ghana (BoG) is expected to soon issue a directive aimed at promoting access to finance for Persons with Disabilities (PwDs).
The move by the Central Bank forms part of efforts by government to increase the financial inclusion rate in the country from 58 percent in 2015 to 85 percent by 2023 as contained in the National Financial Inclusion and Development Strategy.
“To further demonstrate our commitment to promoting access to finance for all segments of our society, the Bank of Ghana is in the process of developing a Directive to promote access to finance for PWDAs,” remarked the Second Deputy Governor, Elsie Awadzi Addo.
Making the disclosure at the launch of the German Development Corporation (GIZ) Financial Inclusion for Persons with Disabilities (PwDs) Project, the Second Deputy Governor averred the proposed directive will focus on eliminating barriers that affect access to finance for PwDs.
According to Mrs Awadzi Addo, the directive will among other things require the following;
- Physical access to premises of financial institutions for PwDs;
- Access to digital payments and financial services for PwDs;
- Promotion of good conduct of employees of regulated financial institutions in the provision of services to PwDs;
- Prevention of discrimination against PwDs by regulated financial institutions;
- Use of innovative and appropriate systems and materials to ensure information is disseminated in mediums accessible to all categories of PwDs;
- Reporting of data by regulated financial institutions on demand for and supply of PWDA-specific financial products and services to help reduce or eliminate the gap in access to finance for PwDs
Commenting on the importance of the GIZ Financial Inclusion Project for PwDs, the Second Deputy Governor intimated that the Project responds to a global imperative to address the lack of access to critical financial services for many PwDs and efforts to ensure more equitable and sustainable socio-economic development paradigms.
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“The exponential growth of digital financial services in Ghana is a real catalyst for promoting access to financial services for PWDAs, given its potential to overcome many of the physical barriers that PwDs face in accessing traditional financial services.
“The Bank of Ghana continues to make strides in providing a supportive policy and regulatory framework that allows banks, other financial institutions, and Fintechs to design and provide innovative digital financial services and products that respond to the unique needs of underserved segments like PwDs. The Bank of Ghana will continue to provide the enabling environment that supports a stable, resilient, and inclusive financial system, where the needs and interest of all consumers are met satisfactorily,” said Mrs Awadzi Addo.
“It is our hope that the implementation of the project will lead to the building of a viable and supportive ecosystem for PwDs to enable them fully participate in education, the job market, entrepreneurship, health care, financial and other socio-economic activities so that they are able to make significant impact in their communities and contribute more fully to our socio-economic development as a nation,” she added.
Under the project, GIZ seeks to increase accessibility of digital and analogue financial services for PwDs; strengthen the capacity of banks and other financial institutions to provide more financial services to PwDs; and provide an advocacy and advisory platform for promoting access to finance for PwDs.
