Government is adopting specific strategies and policies to encourage the non-banking financial institutions in the country to improve payment systems.
The strategies and policies will include capacity building and promoting the formal and informal financial sectors to increase networking.
Currently there are 133 rural banks operating in the country with 45 licenced non-bank financial institutions ranging from leasing, savings and loans companies, money transfer institutions and mortgage finance companies.
Dominic Donkor, Director of Financial Sector at the Ministry of Finance, said: “Non-banking financial institutions are indispensable tools in the drive for Ghana’s sustainable economic development.
He indicated that the cost of doing business in Ghana is relatively high and poses a direct risk to new businesses, mainly due to the high cost of borrowing from financial institutions.
“The low level of Ghana’s overall financial intermediation compared to other sub-Saharan African countries further constrains financial and private sector growth,” he said.
Mr. Donkor was making a presentation at the rebranding of Bayport Financial Services-Ghana (BFSG) in Accra.
Mr. Kofi Adu-Mensah, Managing of Director of Bayport Financial Service, explained that as part of the company’s corporate social responsibility programme, it is in collaboration with the Ghana National Association of Teachers to support the education of brilliant but needy children.
The scholarship is in its second year of operation, supporting 10 children from Senior High School level through to Tertiary level, with the cost of each scholarship per child for eight years estimated at GH¢11,000.
The company since its inception in 2003 has 25 branches in the country providing over 112,000 clients, of which 74,000 are still active and have been contributing to the Otumfuo Educational Fund and Okyeman Environmental Fund.
The company offers loans to its varied clients, which include public and civil servants as well as private sector employees. Bayport Financial Services-Ghana is part of a parent-group with its head office in Mauritius and subsidiaries in South Africa, Zambia, Tanzania and Uganda.
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