Digitalisation to make access to credit simpler – Dr . Boako

Financial advisor to the Vice Chief executive of Ghana Dr . Gideon Boako has noted that will government’s digitalisation drive may have a rippling effect of decreasing the cost of credit by banking institutions. According to him, the cost of credit score is currently high when Ghanaians borrow from banks due to the lack of trust. However , using the introduction of the Ghana Cards and digital property tackle system banks can now rely on creditors and hence will slow up the cost of credit with time. Doctor Gideon Boako indicated these initiatives will allow for traceability that can be an issue in the past. He produced this known when he or she addressed the press for the back of the Vice President’s lecture at the Ashesi College early this week. “We have experienced years of life in Ghana where the identity and traceability of people have remained challenging. This has imposed huge danger on borrowers, hence the larger risk premium placed when folks seek bank loans, ” Doctor Gideon Boako said. Incorporating that “We are handling this problem with the national We. D and digital real estate address system. (Describe just how banks certify borrower identification and traceability now). Types the integration of the nationwide I. D and the financial databases is ready, banking institutions will have trust and self-confidence in a borrower’s identity plus traceability. This will obviously reduce the cost of credit”. Source: MyNewsGh. com/ 2021
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