Economic policy analyst Mr. Peter Terkper has questioned the government’s proposed Women’s Bank initiative, arguing that branding the financial institution exclusively for women could limit its growth and competitiveness from the outset.
Speaking on Bullet TV’s Morning Target with host Ebenezer De-Gaulle, Mr. Terkper said Ghana’s banking sector has become highly competitive, with finance houses and universal banks all competing for customers. In such an environment, he believes banks should be designed to attract a broad customer base rather than a specific group.
“The banking sector has become highly competitive, from finance houses to commercial universal banks. If you want to introduce a bank, you don’t limit it to a certain class of people by calling it a Women’s Bank. When you do that from day one, you are restricting the growth of that bank.”
He explained that the name alone could discourage potential male customers from doing business with the institution.
“If you are a man doing business and you are going to open an account with a Women’s Bank, what do you think you will be thinking? This alone creates a problem with the establishment of the bank.”
Mr. Terkper stressed that policymakers should focus on the long-term success of any initiative before implementing it.
“Anytime you want to do something, look at the success you want to achieve.”
According to him, supporting women does not necessarily require establishing a separate bank. Instead, he suggested using innovative financial solutions that can reach women more effectively without creating a traditional brick-and-mortar institution.
“What do we need the Women’s Bank for? We want to support women, right? Do we need the bank before we can support women? We can create the same bank in a different form.”
Mr. Terkper said he would prefer the government to reassess the proposal after conducting research into the financial needs of women across the country.
“I wish government would gather the political will to say, ‘Yes, we promised a Women’s Bank in our manifesto, but after studying where the women we want to help are and how best to support them, we have realised that we cannot establish a Women’s Bank in every district or municipality within four years.’”
As an alternative, he proposed a fully digital, branchless banking model.
“Because of that, we will use virtual means to establish that bank. We can call it the first new bank, meaning a branchless bank with no bricks or mortar.”
Mr. Terkper argued that embracing a digital banking model would allow the government to expand financial inclusion more efficiently while achieving its objective of empowering women without limiting the institution’s potential customer base.