Author: Beyonce Diamond Kpogli
The Head of Marketing and Executive Relations of the National Insurance Commission (NIC) Mr. Moses Ackah-Jayne has advised financial institutions in the country to accelerate action in selling financial products to the informal sector.
According to him, this would help promote financial inclusion, drive economic growth, and contribute to the formalization of the economy.
He made this observation at the launch of the 4th Banking Insurance Pensions and Securities (BIPS) fair held on Wednesday 7th June in Accra.
The fair, scheduled on October 11 to October 13 is aimed at setting up a platform for the financial industry to showcase, interact and sell financial products to the general public on the theme “Making Prudent Financial Decisions in Times of Adversities.”
The Managing Director of Kotlers Management Services, a business management consulting firm, Mr Samuel Sackey mentioned that the fair would focus on parading only financial institutions with good standing in the country.
He noted that there is a need for the populace to have a clear understanding of financial products and services on the market before patronizing them.
Furthermore, he revealed that the fair would be held at the University of Ghana Business School (UGBS) and the Accra Metropolitan Assembly (AMA) City Mall.
The fair is expected to see about 50,000 physically in attendance and over 100,000 online.
By promoting financial literacy at the individual, community, and societal levels, Mr. Sackey said individuals could be empowered to achieve financial well-being, contribute to economic growth, and create a more financially inclusive and resilient society.
He, therefore urged the public to ensure they patronized the fair.
Mr. Ackah-Jayne also indicated that financial institutions could play a crucial role in empowering individuals and businesses in the informal sector while enabling sustainable development in the country and could also help financial institutions gather data and insights into the needs and financial outflow of the sector.
“By engaging the informal sector, financial institutions can also help formalize parts of the economy, promoting transparency, accountability, and regulatory compliance”, he concluded.
