Accra, April 4, GNA – Mr Joe Awuah, the Chief Executive Officer (CEO) of the Ghana Association of Bankers, has urged bankers to be deliberate with providing education on financial literacy in plain simple language.
He said banks must invest in the promotion of financial literacy to enable customers to make informed decisions.
“Information is meaningless if the people for whom the information is meant for cannot interpret and make use of it.
“We as bankers we have a duty that when people come, we take the opportunity to educate and make them understand exactly what banking products and services are available and we try to understand their situation and make a recommendation,” he said.
Speaking at a forum organised by the Centre for Financial Literacy Education Africa to mark the Month of April as a Financial literacy Month, he said financially literate customers tended to repay loans since they were aware that nonpayment of loans increased the cost of borrowing.
Furthermore, financial literacy, he said, had the tendency to increase competitiveness of banks as banks, which accepted to invest in financial literacy campaigns could have competitive urge over their rivals through surge in patronage of variety of financial products and services.
“Consumers would ensure assessment of their financial needs transcend day to day to include long term focus of their needs,” he stated.
Madam Ramat Ebella Ellis, a Banking Executive, explained that being financially literate entailed diversifying investments, researching before making investments, having high risk-tolerance, and building securities to serve as collateral for finance.
Peter Kwadwo Asare Nyarko, Co-founder and Executive Director at the Centre for Financial Literacy Education Africa, said the promotion of financial inclusion hinged on the campaign for financial literacy, which required awareness, knowledge, skill, attitude, and behaviour to make sound financial decisions.