Banks urged to prioritise fairness, customer trust over profit

The Bank of Ghana has urged commercial banks to prioritise fairness, integrity, and customer trust over short-term profit motives, emphasising that the sustainability of Ghana’s financial system depends on fairness, reliability, and transparency in banking operations.

Speaking at the opening of a Customer Reporting Officer Stakeholder Meeting in Accra, Second Deputy Governor Matilda Asante-Asiedu said banks must realign their business models to focus on delivering quality service, protecting customers, and ensuring technological systems build trust rather than vulnerability.

“If a bank says it has 98 per cent uptime, we must think about the two per cent who are affected by poor service. Technology must not be a tool for vulnerability but for trust. Banks must secure systems, ensure sound oversight, and deliver responsive innovation,” she said.

Mrs Asante-Asiedu noted that the true strength of a bank is not merely reflected in its profits but in its commitment to fairness, reliability, and ethical conduct.

Her remarks come in the wake of a Bank of Ghana fraud report which revealed that over 16,700 fraud cases were recorded in the financial sector last year, a five per cent increase from 2023, with total losses exceeding GHS100 million. Alarmingly, about 33 per cent of those cases involved bank staff.

“I think it is very important to continue to find ways to improve the quality of service we deliver. I believe through that, we can serve better,” she stressed.

The Director of Financial Stability at the Bank of Ghana, Dr Kwasi Osei-Yeboah, also underscored the central bank’s commitment to enforcing consumer protection and enhancing oversight to rebuild confidence in the financial system.

“Excellence in service is no longer a luxury but an expectation that defines the credibility of the banking sector. Security in practice is the foundation of customer confidence. Without robust protection for our data and banking transactions, all other efforts are compromised,” he stated.

Dr Osei-Yeboah added that financial institutions must integrate data security and customer protection into every aspect of their product and service design.

The stakeholder meeting, themed “Excellence in Service, Innovation in Delivery, Security in Practice,” provided a platform to review customer complaint mechanisms, strengthen consumer trust, and promote innovation-driven service delivery across Ghana’s banking sector.