• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Digitalization key to SME credit access and inclusive growth, says Dr Opoku-Afari

1 year ago
in Business, Features, highlights, Home, home-news, latest News, Technology
1 min read
0 0
0
120
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Digitalization key to SME credit access and inclusive growth, says Dr Opoku-Afari

Small and Medium Enterprises (SMEs) often grapple with accessing credit due to the challenge of establishing trust and a solid track record, Dr. Maxwell Opoku-Afari, the First Deputy Governor of the Bank of Ghana has highlighted.

 He emphasized that SMEs represent the pivotal constraint to economic growth, and by addressing this constraint through collaborative efforts across stakeholders, including innovators and policymakers, the potential for broad-based, inclusive, and shared growth becomes tangible.

Dr. Opoku-Afari underscored the pivotal role of digitalization in overcoming this challenge, citing the collaboration between the central banks of Ghana and Singapore in establishing the Financial Trust Corridor (FTC). This initiative aims to compile and verify data between the two central banks, creating a comprehensive database of SMEs that meet specific criteria, thereby fostering trust and facilitating financial transactions.

Speaking at the 3i Africa Summit on ‘Africa’s Digital Trade Highway: Unlocking SME Growth through Technology,’ Dr. Opoku-Afari outlined plans to leverage digitalization further through the introduction of the Universal Trusted Credential (UTC). This innovative approach utilizes digital footprints to assess the willingness and capability of SMEs to meet financial obligations, addressing the core issue of trust and enabling access to credit without the need for tangible collateral.

Highlighting the significance of establishing a credible track record for SMEs, Dr. Opoku-Afari emphasized the issuance of well-defined, universally accepted credentials as a means to overcome this obstacle. Ghana stands as a pioneering example, having tested the UTC within a sandbox environment under the central bank’s supervision. Initial outcomes have been encouraging, with minimal non-performing loans (NPLs) and heightened confidence from SMEs and financial institutions alike.

Furthermore, Dr. Opoku-Afari introduced the Digital Enforcement of Funds Transfer (DEFT) initiative, aimed at enhancing accountability in resource allocation. By integrating purpose-bound money with the e-cedi platform, funds allocated to a firm are only accessible for their designated purpose, ensuring efficient resource utilization and fostering trust in the financial system.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

This initiative, currently undergoing sandbox testing, holds the promise of revolutionizing business practices, reinforcing trust, and providing SMEs with the necessary access to credit. Given the substantial contribution of SMEs to economic activity, unlocking their potential is pivotal in driving inclusive and sustainable growth, concluded Dr. Opoku-Afari.

 

Tags: DigitalizationDigitalization key to SME credit access and inclusive growthsays Dr Opoku-AfariSME
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.