Eight NRSN and Fifth CoP

The meeting started  with a presentation from Cenfri, and provided updates and findings from their work on the Remittance Access and Innovation (RAI) programme in Ghana. This was followed by the Community of Practice session that revisited  the topic, Financial Literacy in Ghana’s remittance market.

The following was the problem statement:  In 2020, Ghana adopted the digital financial services policy to augment the NFIDS in driving financial inclusion. Although financial inclusion is close to 100% in Ghana (BoG, 2022), more can be done to ensure that these effects reach the most vulnerable parts of the population, including low-income, rural households and women. Towards this, RSPs across Ghana have taken deliberate steps to improve or remove financial literacy barriers to encourage greater inclusion. And while some initiatives have resulted in noticeable improvements, other interventions have been less successful.

While the discussion revolved around the following questions:

1. What have been the key drivers for the success and failures of financial literacy initiatives by the public sector in the past?
2. What have been the key drivers for the success and failures of financial literacy initiatives by the private sector in the past?
3. What should success look like and what outcomes should us as an industry strive towards to achieve full financial literacy, particularly among vulnerable populations? 
4. What is the role technological or digital tools to enhancing financial literacy and promoting access to financial services within the remittance market?