BoG pledges support for innovation in banking sector
THE Bank of Ghana (BoG) will continue to support innovation that improves access to financial services and makes banking more efficient, while ensuring that adequate safeguards are maintained to protect customers and preserve financial stability.
The Second Deputy Governor of the BoG, Mrs Matilda Asante-Asiedu, gave the assurance at the inauguration of the new Absa Bank Ghana Limited head office, Absa Place, in Accra last Thursday.
She said rapid changes in technology, digital platforms, payment systems and customer expectations were transforming the way banking services were designed, delivered and experienced.
According to her, the developments presented significant opportunities for banks to expand access, improve efficiency and provide customers with more convenient and responsive services.
However, Mrs Asante-Asiedu stressed that innovation must go hand in hand with sound governance and effective risk management.
“We expect Absa Bank Ghana Limited, and the banking industry more broadly, to approach innovation with the same seriousness it applies to capital conservation, liquidity and credit risk management,” she said.
She explained that as financial institutions became increasingly dependent on technology and interconnected systems, issues such as operational resilience, cybersecurity, data protection and risk management had become more important than ever.
“Innovation must be matched by strong controls and appropriate safeguards, so that confidence in the financial system is protected, not put at risk,” she said.
Mrs Asante-Asiedu congratulated the Board, management and staff of Absa Bank Ghana, as well as the Absa Group, for completing the new head office.
She described Absa Place as a significant investment which demonstrated the bank’s confidence in its future and its commitment to providing the infrastructure needed to support its long-term growth.
She, however, noted that the value of such an investment went beyond the physical structure.
“For a bank, however, the value of such an investment must extend beyond the physical structure. It should be matched by the strength of its governance, the resilience of its operations, the soundness of its decisions, and the trust it earns and sustains among its customers and the wider public,” she said.
The Second Deputy Governor said the ultimate measure of Absa Place would be how effectively it supported the bank in meeting its institutional responsibilities and serving its customers.
As a systemically important bank, she said, Absa’s responsibilities extended beyond its commercial interests to depositors, businesses, employees, counterparties and confidence in Ghana’s financial system.
She therefore urged the bank to maintain prudent risk management, adequate capital, strong liquidity, regulatory compliance and responsible conduct.
“Absa Place should reinforce a culture in which innovation is responsible, growth is sustainable, and trust is earned through consistent conduct,” she said.
Mrs Asante-Asiedu expressed the hope that the new facility would provide Absa with a resilient operating environment that promoted collaboration, reliable operations and improved service delivery.
She commended the bank for the edifice, saying the investment should strengthen Absa as a well-governed and resilient institution capable of contributing meaningfully to Ghana’s financial sector.
BY KINGSLEY ASARE
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