The Reverend Kwasi Twum, a Chief Manager, Financial Stability Department, Bank of Ghana (BoG), has advised informal sector workers to prioritise personal financial security to safeguard their bank accounts and business transactions.
He explained that personal financial security was very important, hence individuals must be proactive in securing their finances.
Rev. Twum gave the advice at a sensitization programme on banking services, consumer rights and responsibilities in Sunyani.
It was designed to enhance financial literacy among informal sector workers, protect themselves against scam and empower them to make informed decisions to protect and boost their financial well-being.
Organised by the BoG, participants included artisans, traders, operators of small and medium enterprises, members of the garages association and representatives of social clubs drawn from Sunyani and its environs.
Rev. Twum encouraged those in the informal sector to register and receive SMS banking alerts to protect their savings and investments against unauthorized withdrawals.
Mr Augustine Amoako Donkor, also a Chief Manager, Financial Stability Department, BoG, observed that financial fraud posed a significant threat to individuals in the banking sector and the vulnerability of informal sector workers falling victims was high.
Consequently, he said victims incurred devastating financial losses and, therefore, stressed the need for increased awareness and vigilance among those workers to protect themselves from such scams.
Mr Donkor urged individuals to understand the terms and conditions of loan agreements before signing or agreeing to them, noting that many often overlooked that crucial step, leading to unforeseen consequences.
He advised participants to take time to thoroughly read and comprehend the terms and conditions of any financial agreement they entered into to protect themselves from potential financial pitfalls.
Speaking on consumer responsibility, Nana Abena Asaa Parker, Head of the Financial Literacy Unit at BoG, advised loan guarantors to carefully consider the trustworthiness of borrowers as they (guarantors) would be held responsible if the borrowers failed to repay the loans.
In a forum, participants admitted the programme had enlightened them on risks related banking, financial and business transaction and appealed to the BoG to undertake aggressive sensitisation to protect more people in the informal sector.
GNA
NOK/ABD
3 March 2024
Caption: Pictures show Rev. Twum and participants
