GCB Bank has welcomed the inauguration of the Non-Interest Financial Advisory Council (NIFAC) by the Bank of Ghana, describing it as an important milestone in Ghana’s journey towards a more inclusive, innovative and diversified financial system.
The Council, chaired by Prof. Bashir Aliyu Umar and comprising experts in non-interest finance, economics, treasury and liquidity management, and financial regulation, will provide strategic guidance to the Bank of Ghana on the regulation, governance, compliance and supervision of non-interest banking and finance.
The establishment of NIFAC provides a strengthened governance and advisory framework to support the development of Non-Interest Banking and Finance in Ghana, while promoting sound standards, transparency, consumer protection and financial stability.
GCB Bank believes the development creates an important foundation for the future growth of Non-Interest Finance in Ghana and provides greater clarity and confidence for financial institutions, investors, businesses and customers seeking to understand and participate in the emerging ecosystem.
Commenting on the inauguration of NIFAC, Managing Director of GCB Bank , Farihan Alhassan, said: “The inauguration of NIFAC is a significant step forward for Ghana’s financial sector. It creates an important institutional foundation for innovation to take place within a clear, credible and well-governed framework. At GCB Bank, we believe the future of banking must continue to respond to the changing and diverse needs of customers. Non-Interest Finance has the potential to broaden financial choice, deepen inclusion and create additional opportunities for individuals and businesses to participate in the formal financial system.”
GCB Bank believes the opportunity extends beyond any single faith or customer segment. Properly developed and effectively regulated, Non-Interest Finance can complement Ghana’s existing financial architecture and provide alternative financing approaches for SMEs, households, infrastructure, agriculture, trade and other productive sectors of the economy.
The Bank also congratulates Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana; Prof. John Gatsi, Advisor to the Governor on Non-Interest Banking; Prof. Bashir Aliyu Umar, Chairman of NIFAC; members of the Council; and other stakeholders whose efforts have contributed to this important milestone.
As Ghana’s number one bank, GCB Bank remains supportive of initiatives that strengthen the financial services industry, expand access to finance and create new opportunities for sustainable national development.
