Three institutions sign MoU to develop Ghana Integrated Financial Ecosystem 

Accra-Ghana, Nov. 04, GNA – The Monetary Authority of Singapore (MAS), Bank of Ghana (BOG) and Development Bank Ghana (DBG) have signed a Memorandum of Understanding (MOU) to develop the Ghana Integrated Financial Ecosystem (GIFE).
The GIFE aims to enhance financial capabilities and access for micro, small and medium enterprises (MSMEs) in Ghana and generate greater opportunities for trade and financial services cooperation between Singapore and Ghana.
A statement issued in Accra said over time, it was envisaged that the integrated financial ecosystem model could serve the Asia-Africa SME trade corridor more broadly.
It said GIFE would offer an open digital infrastructure for MSMEs in Ghana and Singapore in four key areas.
The statement said the SME Financial Empowerment Programme would help MSMEs build foundational digital financial literacy skills and gain a good understanding of cross-border financial services, while MSMEs in Ghana and Singapore could expand their international business connections in Asia and Africa, through a network of business-to-business ecommerce platforms.
It said DBG and partner financial institutions would provide digital trade finance and guarantees for eligible MSMEs through a digital platform.
It said MAS, BOG, DBG and financial institutions would jointly develop financial trust frameworks  to assess credit worthiness for financing by enabling financial institutions to use alternative data sets, such as the track record of successful payments to suppliers and tax payments to relevant authorities.
The GIFE is a collaborative effort across public entities, financial institutions, FinTechs and tech solution providers in Ghana and Singapore.
These include Proxtera, Consolidated Bank of Ghana, ANEXT Bank, Enterprise Singapore, and the Global FinTech Institute.
Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “MAS has worked closely with Bank of Ghana since the announcement of the Financial Trust Corridor in 2020.”
He said GIFE was an important step to foster closer collaboration between the two central banks and important emerging markets.
“GIFE is a rethink to potentially leapfrog traditional financial inclusion approaches with combined support mechanisms powered by smarter data that MSMEs and financial institutions can tap on based on their needs,” he added.
Dr Ernest K.Y. Addison, Governor of Bank of Ghana, said, “This memorandum further demonstrates BoG’s commitment as a central bank, to working with key stakeholders to explore innovative financing models.
He said it also demonstrated our commitment to the Business Sans Borders initiative which we partnered with the Monetary Authority of Singapore to enhance MSME contribution to economic growth and in line with Government’s broader economic transformation goals.
Mr Kwamina Duker, Chief Executive Officer, DBG, said, “We believe that this partnership with the Monetary Authority of Singapore and the GIFE programme mark a pivotal moment in DBG’s mission to provide sustainable finance solutions to Ghanaian businesses and facilitate multi-generational, sustainable economic growth.
He said DBG recognised the crucial role of SMEs in the country’s economy and the GIFE programme would further strengthen DBG’s ability to catalyse SME growth by ensuring that they get the financial solutions they need to achieve their full potential.
He said SMEs were a key pillar of Ghana’s economic resilience, prosperity, and international competition, so “I am optimistic that our journey to unlock their potential will yield excellent results for our people and country.”
Ms Toh Su Mei, Chief Executive Officer, ANEXT Bank, said, “ANEXT Bank is honored to join this private-public taskforce in co-creating the FTC trust data framework to promote more trust amongst businesses and financial institutions globally.”
She said it would allow them to make financial services accessible and effortless for more SMEs as growing businesses can get access to global trades and be more resilient against macroeconomic market disruptions.