Bank of Ghana's Vice Chair appointed as head of African Payments and Intelligence Association.
Titled: The Bank of Ghana Steps Up as Vice Chair of AfPI, Advancing Financial Inclusion in Africa
In an exciting turn of events, Ghana's Bank of Ghana has been appointed as the Vice Chair for the African Financial Inclusion Policy Initiative (AfPI). Over the next two years, Ghana will follow Seychelles as the leader of this African financial inclusion drive. TheAfPI Leaders' Roundtable slated for 2023 will take place in the Seychelles (1).
During a recent gathering in Arusha, Tanzania, the Bank of Tanzania announced its transition from the AfPI Chair position to the Seychelles' Bank of Seychelles. Professor Florens D.M.A Luoga, the Governor of the Bank of Tanzania, handed the post over to Governor Caroline Abel (2). Abel is the first woman to head an AFI regional initiative, marking a significant milestone in gender representation within the organization.
At the event, AFI Executive Director Dr. Alfred Hannig applauded the valuable cooperation from Tanzania during the COVID-19 pandemic and admired their collaboration and engagement in both the Africa region and global network (3). As the new Chair, Governor Abel humbly accepted the role, recognizing the potential it holds for nurturing partnerships and exchanging experiences across the continent (2).
Acknowledging that diversity within the network offers unique opportunities, Governor Abel emphasized the importance of staying adaptable to local realities and collaborating to enhance financial services for all (2). The goal, she said, is to achieve inclusive and sustainable economic growth in Africa [(2)].
Further enrichments focus on the Bank of Ghana's role in enabling regulatory reforms, digital identity frameworks, fostering collaboration, and innovation support to advance financial inclusion across Africa [(1)].
Upon taking up the AfPI Vice Chair position, the Bank of Ghana aims to drive reforms around data governance and consumer protection, while considering local contexts and aligning initiatives with global best practices. Another objective is to establish a shared digital identity framework to streamline know-your-customer (KYC) processes, cross-platform authentication, and fraud mitigation initiatives [(1)].
The Bank also advocates collaborative models, such as agent banking linked to mobile platforms, co-designed micro-loan products, micro-insurance and pension products through informal sector cooperatives, and a regulatory sandbox to support financial inclusion innovations [(1)].
These actions are significant steps toward fulfilling the promise of leaving no one behind in the digital financial ecosystem, as financial inclusion plays a crucial role in empowering vulnerable groups during times of crisis and promoting sustainable and inclusive finance [(3)].
- The AfPI Leaders' Roundtable, scheduled for 2023, will be hosted in the Seychelles, following the Bank of Tanzania's transition from the AfPI Chair position.
- Governor Caroline Abel, the first woman to head an AFI regional initiative, will lead the AfPI as the new Chair, succeeding the Bank of Tanzania.
- In her acceptance speech, Governor Abel highlighted the potential for fostering partnerships and exchanging experiences across Africa, while remaining adaptable to local realities to enhance financial services.
- As the AfPI Vice Chair, the Bank of Ghana plans to focus on regulatory reforms, digital identity frameworks, and fostering collaboration for innovation, all aimed at advancing financial inclusion in Africa.
- One of the Bank of Ghana's objectives is to establish a shared digital identity framework to streamline KYC processes and fraud mitigation initiatives, promoting sustainable and inclusive finance.
- In the digital financial ecosystem, the Bank of Ghana's actions are steps toward fulfilling the promise of leaving no one behind, as financial inclusion is crucial for empowering vulnerable groups during crises.
- To achieve sustainable and inclusive economic growth in Africa, the Bank of Ghana advocates for collaborative models, such as agent banking, micro-loans, micro-insurance, and a regulatory sandbox for supporting financial inclusion innovations.
