Search Results for: fintech

Showing 616 results for your search

PAPSS Pushes Faster Adoption as AfCFTA Trade Depends on Payments Backbone
Business & EconomyNews

PAPSS Pushes Faster Adoption as AfCFTA Trade Depends on Payments Backbone

Ghana’s External Sector Still Resilient Despite Commodity Price Volatility & Middle East Crisis – BoG
Business & Economy

Ghana’s Export Struggles: A Wake-Up Call for Diversification

Telecel new
Business & Economy

Telecel Ghana Dominates Fixed Voice Market with 99% Share – NCA Report

Young Ghanaian Innovators Harness Clean Energy to Transform Agriculture
Innovation

Young Ghanaian Innovators Harness Clean Energy to Transform Agriculture

Islamic Finance to Complement, Not Disrupt Ghana’s Banking Sector – Prof Gatsi Islamic banking is set to broaden Ghana’s financial landscape by complementing, rather than competing with, the country’s conventional banking system, Policy Advisor on Islamic Banking at the Bank of Ghana, Professor John Gatsi, has emphasised. Speaking amid heightened public debate on the formal rollout of Islamic banking, Prof Gatsi explained that non-interest finance offers unique structures designed to deepen financial inclusion, drive infrastructure development, and support economic diversification, especially in trade and commerce. “Non-interest banking and finance is poised to enhance our market economic structure. It will not outperform conventional structures because it is not a competitor. Rather, it plays crucial complementary roles in municipal, central government, and private sectors’ infrastructure and enterprise funding.” Prof Gatsi clarified. His comments come as the Bank of Ghana works to finalise regulatory frameworks for licensing Islamic financial institutions, paving the way for a model that prohibits interest-based transactions in line with Sharia principles. Prof Gatsi cited international experiences to dismiss fears that Islamic banking could destabilise Ghana’s financial system. He highlighted countries such as the UK, Saudi Arabia, Dubai, Turkey, Japan, Canada, France, the Netherlands, Nigeria, Uganda, Hong Kong, Singapore, Luxembourg, the US, and Malaysia, where Islamic and conventional banks co-exist seamlessly. “These institutions have not even competed with conventional banks, let alone dismantled them. The apprehension that Islamic finance and banking will negatively affect conventional banks in the country is not rooted in progressive information widely available to regulators globally.” he said. According to him, introducing Islamic banking will enable Ghana to achieve economies of scope, expand access to finance for underserved populations, and diversify funding sources for trade and commerce. “Non-interest banking will achieve financial inclusion, diversification in financing trade and commerce, as well as project finance for government and the private sectors of the economy,” he noted. Prof Gatsi also underscored the socio-economic benefits of Islamic finance in supporting the achievement of the UN Sustainable Development Goals (SDGs), particularly through empowerment of women entrepreneurs and ethical financing models that avoid speculative risk. “Furthermore, non-interest banking and finance will provide unique support to women entrepreneurs and contribute to achieving the SDGs,” he added. Analysts say Islamic banking has the potential to attract new capital flows into Ghana’s economy, especially from Middle Eastern and Asian investors seeking Sharia-compliant opportunities, while boosting confidence in the inclusivity of the financial sector. As regulatory preparations continue, stakeholders await further directives from the Bank of Ghana to operationalise what experts describe as a transformative pillar for inclusive economic growth.
Business & Economy

BoG Set to Implement Non-interest Banking Regulation – Prof. Gatsi

Business & Economy

Ghana Struggles With Low Insurance Penetration

Telecel and Huawei Launch $70m Network Upgrade to Boost Ghana’s Digital Connectivity
Innovation

Telecel and Huawei Launch $70m Network Upgrade to Boost Ghana’s Digital Connectivity

Opinions

The Power of Scalable Data in Strengthening Customer Loyalty and Revenue in Banking

The Flaw in Ghana's Digital Asset Regulatory Framework: A Looming Regulatory Dichotomy
Business & Economy

The Flaw in Ghana’s Digital Asset Regulatory Ecosystem: A Looming Regulatory Dichotomy

Afreximbank Pushes for Stronger Trade Finance to Power Inclusive Growth Across Africa
African Perspective

Afreximbank Pushes for Stronger Trade Finance to Power Inclusive Growth Across Africa

MTN Ghana Reports Robust 34% Revenue Growth, Declares 24 Pesewas Dividend Per Share
News

MTN Ghana Achieves 34.5% Revenue Growth in 2024, Driven by Data and Mobile Money

Striking the Right Balance: Tone and Sensitivity in Financial Communications
Opinions

Striking the Right Balance: Tone and Sensitivity in Financial Communications

CUTS Int’l Commends Gov't's Big Push Agenda But Insists Not At Expense of Existing Road Network
Business & Economy

Why MTN MoMo’s 0.75% Charge Breaches Principles of Fair Notice & Duty of Care – CUTS Int’l Insights

Positioning Digital Finance to Effectively Fund MSMEs: UNCDF Champions the Joint SDG Fund Programme
Business & Economy

New 0.75% Charge: A Move to Retain Liquidity on Momo, Retaliate Bank Charges, or a Shadow of E-Levy?

BoG Engages Stakeholders to Shape 2025–2029 National Payment Systems Strategy
Business & Economy

BoG Engages Stakeholders to Shape 2025–2029 National Payment Systems Strategy