BoG digitising 'susu' system to guarantee safety

The Bank of Ghana has said it is aiming at digitising the ‘susu’ system through its crowd-funding policy.

First Deputy Governor of the central bank, Dr Maxwell Opoku-Afari

Speaking at the Mobile Technology for Development (MT4D) Conference held recently on the theme: ‘The Role of Financial Inclusion in a COVID-19 Pandemic’, First Deputy Governor of the central bank, Dr Maxwell Opoku-Afari said: “while new business models are being explored to promote financial inclusion, the Bank is also facilitating the modernisation of indigenous financial services such as ‘susu’ with digital tools”.

“It is for this reason that the Bank issued the crowd-funding policy”, he explained, adding that it is “expected to encourage clubs, associations, market women and farmers to work with entities approved and licensed by the Bank of Ghana to provide refined susu services for our people without the need for much physical contact and with strong controls to guarantee safety of resources of participant”.

He also added that though COVID-19 presented its challenges to Ghana as a country and the economy, it also became a potent catalyst for digitisation.

"Let us continue to work together as stakeholders to advance financial inclusion by exploring innovative digital financial services solutions that keep us safe and create economic growth opportunities to improve livelihoods."

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