Banks told to go digital to end internal fraud
Adnan Adams Mohammed
The Ghanaian banking and financial sector have been told to double up efforts to implement financial technology modules to improve the banking industry.
This is to position the banking and financial sectors in line with the government’s ongoing digitization program as well as the Bank of Ghana’s financial technology drive to support financial inclusion.
Currently, development shows a clear direction that, the banking industry is steadily moving towards a digital approach to improve service delivery as well as to tackle internal fraud perpetrated by banking staffs. In this direction, the Ghana Institute of Bankers has revealed plans to launch the Ghana Banking Code of Ethics that will help address increasing cases of banking fraud and stealing by staffs.
“The banking landscape is changing from physical service delivery to digital banking platforms with rapid adoption of financial technology. This is broadly in line with the government’s ongoing digitization program as well as the Bank of Ghana’s financial technology drive to support financial inclusion”, Head of Banking Supervision at the Bank of Ghana (BoG), Osei Gyasi explained at the 24th National Banking Conference held in Accra, last week.
He said, “It is a fact that financial technology will be a game-changer in the financial sector and for that matter, banks will have to scale up digital banking to be future-ready,”
Consequently, at a separate event, the President of the Ghana Institute of Bankers has indicated the preparedness of the Institute to soon introduce a working guiding principles and standards of the banking sector to be christened ‘Ghana Banking Code of Ethics’.
“The Ghana Banking Code of Ethics is a collaboration between Bank of Ghana, the Ghana Association of Bankers and the Chartered Institute of Bankers coming together with the endorsement of the government under ACT 991 to further reinforce confidence in the banking sector by way of ensuring ethical behavior by all staff members in the banking sector.” Patricia Sappor explained.
“That is one thing. I think that to a very large extent we have very credible people in the banking industry. As part of what we are doing, we are trying to reinforce the need for integrity, ensuring good corporate governance and integrity in the banking industry.
“And so the code of ethics is going to address all that, and I believe that all those found culpable would be sanctioned in one way or the other.
“So what we are going to do is to reinforce and also educate and create awareness of the importance of ensuring good integrity, having good values wherever you are,” she said.