Government is set to roll out the National Financial Inclusion Strategy (NFIS) in June this year which will promote access to financial services by the underprivileged in society.
According to the Finance Ministry, the NFIS, had become necessary due to the low financial penetration and access to financial services by the citizenry.
"The strategy will address issues of soundness and stability in the financial market, oversee and regulate the deployment of financial infrastructure, promote access and usage of quality financial services, strengthen financial protection and improve upon financial literacy and capacity," Sector Minister, Ken Ofori-Atta said in a speech read on his behalf by Hon Abena Osei Asare, a Deputy Minister of Finance at the official launch of Equity Savings & Loans in Accra on Wednesday.
Equity Savings And Loans Limited is a fast-rising financial institution determined to bring financial inclusion to the unbanked and underprivileged as well as support the growth of businesses at all levels across the country.
Since its operational license was granted in July 2016, Equity Savings & Loans has increased its customer base from 3,000 to over 6,000 as at March 31st, 2017.
Also, deposit base has also increased from GHS 7 million to over GHC 25 million, with loan book increasing from over GHS 500,000 to GHS 2million over the same period.
Currently, the company operates 5 branches in two regions across the country with their head office located at East Legon - three more branches are due to be opened in the Central Region.
According to a recent World Bank Report on Financial Inclusion, only 58 per cent of adults in the country have access to financial services.
But government, however, believe the gap could be bridged if policies are aligned with financial inclusion, and has thus targeted that by 2020, it will increase the banked population to at least 75%.
Speaking at the function, Hon Abena Osei Asare, who is also the MP for Atiwa East, pointed out that most of the time, it is not that people do not want to put their monies into financial institutions, but they lack knowledge about the financial sector.
She therefore reiterated government's commitment to developing prosperity to all, by putting in place policies which will increase confidence especially in the savings and loans sector.
"Government is taking steps to improve the financial environment to enable institutions like this one to successfully operate...Government as a whole, wants to include everyone in the financial system," the Deputy Finance Minister indicated.
Earlier in his address, the Chief Operating Officer [COO] of Equity Savings and Loans, Mr. Isaac Kweku Arthur, expressed his appreciation to the Central Bank for elevating them from microfinance to a savings and loans institute.
"We in Equity Saving and Loans, consider this day as a graduation day from the microfinance sector and at the same time a matriculation into the tier two fraternity of financial service provision as stipulated by the Central Bank," he acknowledged.
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