The Bank of Ghana has issued a directive on financial inclusion for persons with disabilities.
This directive is in line with internationally accepted financial inclusion principles which include safe, efficient, and widely reachable financial infrastructures, access to a broad network of service points and interoperability and effective awareness and financial literacy initiatives.
It is issued pursuant to sections 6 and 7 of the Persons with Disability Act, 2006 (Act 715), section 53 of the Borrowers and Lenders Act 2020, (Act 1052), section 92(1) of the Banks & Specialised Deposit Taking Institutions Act, 2016 (Act 930) and section 101(2)(f) of the Payment Systems and Services Act 2019 (Act 987).
The objective of this directive is to promote access to financial products and services for Persons with Disabilities., promote usage of financial products and services by Persons with Disabilities and establish a framework for Financial Service Providers to create policies, procedures and provide facilities to ensure that Persons with Disabilities have access to wide range of financial products and services.
The directive is guided by the principles of the UN Convention on the Rights of Persons with Disability.
This implies taking positive action to ensure the removal of all barriers that inhibit Persons with Disabilities.
Penalties for Non-Compliance
The Bank of Ghana warned that a Financial Service Provider that fails to institute policies, procedures, and facilities as prescribed by this directive shall be liable to an administrative penalty of not less than two thousand penalty units.
This is in accordance with section 92 (8) of the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930) and section 44 (3) of the Non-Bank Financial Institution Act, 2008 (Act 774).
Latest Stories
-
Swiss Ambassador pays courtesy call on Energy Minister John Jinapor
16 minutes -
Nana B vows to sue The Fourth Estate over NSS ghost names allegation
18 minutes -
Withdraw CRM or face our wrath – LPG Marketers Association to NPA
23 minutes -
Energy Minister meets AGI and Budget Department to strengthen collaboration
25 minutes -
Mahama appoints Dr Adam Bonaa as Executive Secretary of NACSA
1 hour -
Vandalised transformer, cause of power outage in Adum – ECG
1 hour -
We’ll protect our ballot in 2028 polls – Afenyo-Markin
1 hour -
Understanding Ghana’s asset declaration law: Is it time for change?
2 hours -
Politicisation of Council of State elections worrying – Benjamin Quashie
2 hours -
US woman sues after carrying wrong baby in IVF error
2 hours -
Illegal miners block Forestry Commission’s access after hijacking 9 reserves
2 hours -
Akwatia MP Ernest Kumi is being treated unfairly – Minority
2 hours -
Unlocking the path to IPO: Essential strategies for African startups
2 hours -
Agya Koo Nimo advises Kwabena Kwabena against hard liquor
3 hours -
Don’t antagonise the Minority – Afenyo-Markin warns NDC MPs
3 hours