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New banks must take opportunity of the unbanked population - Prof Botchwey
A former Finance Minister Prof Kwesi Botchwey said that the unbanked who are mainly in the informal sector must be targeted by designing tailored products to help them enter the financial system of the country.
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This is despite argument by some analysts that the Bank of Ghana’s (BoG) must introduce pragmatic steps to reduce the number of banks in the country.
Speaking at the launch of the bank at its Airport City Branch of Heritage Bank Prof Botchwey said even though the banking sector seems saturated he believes there is more to be done.
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“We are keenly aware that we are launching this enterprise at a time that most people will say we have too many banks already. We do have too many banks perhaps, the banking space is indeed saturated but we are emboldened to start this enterprise because we all acknowledge that the banking space is saturated.”
He added that the unbanked who are mainly in the informal sector must be targeted by designing tailored products to help them enter the financial system of the country.
“We always must recognize that too many, too high a percentage of our people are unbanked. That means that we face a conjecture that is both challenging and full of opportunities,” he said.
In Ghana currently, there are about 34 banks, with more awaiting approval from the Bank of Ghana to begin operations.
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