IFC, CGAP, SECO launch initiative to expand financial inclusion in Ghana

Friday, June 10, 2016

The FINANCIAL — IFC, a member of the World Bank Group, together with the State Secretariat of Economic Affairs of Switzerland, SECO, and the Consultative Group to Assist the Poor, CGAP, on June 8 launched the Ghana Digital Financial Services Initiative to advance financial inclusion in Ghana through the use of new technology and innovative business models.

Broad access to affordable and regulated financial services is a key tool in the fight against poverty, and the World Bank Group is committed to help bring about universal financial inclusion by 2020.

About half of the population in Ghana currently has access to formal financial services (58 percent, Finscope 2015), with digital financial services driving most of the recent expansion, according to IFC.

Source: The Financial (link opens in a new window)

Base of the Pyramid, financial inclusion