FROM OUR BLOG
May 20, 2025
On April 30, 2025, Solis Microfinance made a defining statement in Ghana's evolving financial sector by hosting a pivotal panel discussion titled "Digital Financial Inclusion: A Pathway to Banking the Unbanked and Empowering MSMEs in Ghana’s Banking Revolution." The event formed part of the grand launch of the Solis Mobile Banking App and the Boafo Pa Loan at the Erata Hotel in Accra. This forum provided not just a backdrop to the introduction of Solis' latest digital financial product, but also a comprehensive examination of the intricate issues surrounding digital financial inclusion in Ghana. The session brought together representatives of government bodies, microfinance networks, fintech companies, and the informal sector—each with unique insights into the journey toward achieving inclusive financial access.
The panel discussion was envisioned not merely as a ceremonial event to the primary launch event, but as a prominent forum for intellectual leadership intended to address the imperative of inclusive financial innovation. Concurrent with Ghana's ongoing expansion and the intensification of its digitization initiatives, remarkably within the financial services sector, significant opportunities and formidable challenges have manifested. Despite the considerable proliferation of mobile money, digital banking, and fintech offerings, a substantial portion of the Ghanaian populace, particularly those engaged in the informal economy and those within lower income strata, remains without access to financial services that are affordable, dependable, and secure. The event convened by Solis Microfinance during the formal launch of the Solis mobile application and the Boafo Pa loan was specifically oriented towards rectifying this disparity by initiating a nationwide discourse centered upon pragmatic, inclusive, and collaborative strategies.
Esteemed journalist and broadcaster Bernard Avle skillfully moderated the dynamic and insightful panel discussion. The distinguished panelists brought a wealth of knowledge and diverse perspectives to the conversation. Mr. Anthony Abakisi, the visionary founder of Solis Microfinance, contributed his deep understanding of grassroots financial inclusion. Representing the regulatory landscape was Adeline Ocran from the Payments Systems Department of the Bank of Ghana, offering crucial insights into national financial infrastructure and policy. Jackqueline Commodore of the Ghana Association of Microfinance Companies (GAMC) provided valuable perspectives on the operational and strategic aspects of the microfinance sector within Ghana. Mr. Michael Assem from Solv Ghana shared expertise in leveraging financial technology to enhance access and efficiency in lending and financial services. Dominic Adu, the founder of Ghana Home Loans, now operating as First National Bank, brought his extensive experience in establishing and scaling financial institutions. Crucially, the panel also included the voices of MSME representatives, ensuring a practical and grounded discussion. Among these representatives was Mr. Mohammed Omar, the Regional Head of the Ghana Garment Makers Association, who offered firsthand accounts of the challenges and opportunities faced by small and medium-sized enterprises in the Ghanaian economy. Their collective expertise covered a broad spectrum of areas, including regulatory policy frameworks, the transformative power of financial technology, the intricacies of microfinance operations, the dynamics of traditional banking, and the realities of entrepreneurial endeavors. This diverse assembly of experts ensured a rich and multifaceted exploration of the topics at hand.
The discussion opened with impactful submissions from Mr. Anthony Abakisi, who established the initial atmosphere by emphasizing on the core values that form the basis of Solis Microfinance's operations and its vision for the financial landscape of Ghana. His emphasis on the foundational ethos served as a powerful introduction to the day's discussions, firmly anchoring them in the principles that guide the organization's every endeavor. Addressing the question of the personal meaning of financial inclusion directly, Abakisi masterfully articulated Solis’ overarching mission: to democratize financial services and ensure they are not merely available in name, but genuinely accessible, affordable, and available to every Ghanaian citizen, regardless of their socio-economic background or geographic locationIn stark contrast to these traditional challenges, Mr. Anthony Abakisi proudly presented Solis Microfinance as a catalyst for transformative change as far as the digital financial landscape is concerned. His voice during the submissions carried conviction as he declared, "At Solis, we are changing that narrative." He proceeded to outline the innovative and remarkably streamlined approach that Solis has pioneered. By leveraging the ubiquity of mobile technology and the national identification system, Solis has effectively dismantled many of the traditional obstacles to financial inclusion. The simplicity of the onboarding process onto the Solis Mobile Banking App, requiring only a Ghana Card, a smartphone, and a mobile money number, was presented as a testament to Solis commitment to user-centricity. Abakisi’s assertion that anyone can open an account in less than two minutes – and crucially, do so from the comfort and convenience of their own home – highlighted the profound shift in accessibility that Solis has brought about. He concluded these arguments by firmly positioning Solis's efforts as a direct and meaningful "contribution to genuine financial inclusion," highlighting the organization's proactive role in building a more equitable financial ecosystem. Abakisi's concluding remarks powerfully reiterated Solis's unwavering commitment to not just one, but all three pillars of their mission: accessibility, ensuring ease of access; affordability, providing services at a reasonable cost; and availability, making services readily obtainable to underserved and unbanked communities across Ghana. His submissions left a lasting impression, setting a clear and inspiring direction for the discussions that followed.
Among the remarkable contributions, Jackqueline Commodore, representing the Ghana Association of Microfinance Companies (GAMC), made a strong case for the necessity of digital transformation within financial institutions. She highlighted that the nature of workers and clients in the microfinance space necessitates a digital-first approach. "Financial institutions must embed digitalisation into their business models, not as an option, but as a necessity(Paraphrased)," she urged. Jackqueline further emphasized in her arguments that many clients, particularly those in the informal sector, might divert funds if not guided early enough in the loan disbursement process. She warned in her submissions that without a close customer relationship, some may misallocate funds intended for business growth. Hence, she advocated for financial institutions to be more proactive in client engagement and to bring services closer to the people they serve.
Mohammed Omar, another panellist, delivered a compelling argument on the urgent need for financial institutions to reconsider their loan interest rate structures. While applauding Solis Microfinance for its commendable efforts in serving the informal sector, Omar issued a bold and timely appeal: “We are still pleading with Solis Finance and other financial institutions in the industry to consider bringing their interest rates down to as low as 1.8%. This would significantly enhance access to credit for low-income workers and microentrepreneurs who currently struggle under the weight of high-interest financial products.”(Paraphrased). He subsequently emphasized that reducing interest rates on loans is not just socially responsible—it is also a smart business strategy. Omar pointed out that many borrowers, particularly in the informal sector, tend to access loans in groups or associations, using his own association as a classical example . These group lending dynamics, he noted, often result in stronger repayment behaviours. “If financial institutions are willing to lower interest rates,” he said, “they could leverage the trust and influence of community leaders and group coordinators to drive responsible borrowing and repayment(Paraphrased).” By making loans more affordable, Omar argued, financial institutions could expand their customer base and ultimately increase their revenue—while also contributing to broader financial inclusion.
Michael Assem, representing Solv Ghana, in his submissions during the discussions highlighted the vital importance of on-the-ground engagement when designing financial products for the informal sector. “You cannot design products for people you don’t understand,”(Paraphrased) he stated emphatically. Mr. Michael Assem challenged financial institutions to look beyond digital platforms and data analytics, and instead prioritize firsthand interaction with their target clients.“Visit the market women, the mechanics, the tailors,” he urged. “Understand their business models, their income cycles, their cash flows. Only then can you design loan products that are truly effective and relevant”(Paraphrased). Drawing from his own experience, Mr. Michael Assem shared that he is constantly in the field, engaging directly with micro, small, and medium enterprises (MSMEs). This ground-level presence, he explained, enables him to fully grasp the operational realities and financial needs of these businesses, thereby informing more tailored and impactful financial solutions. He also highlighted his ongoing collaboration with GIZ on capacity-building initiatives aimed at empowering MSMEs not just with capital, but with the knowledge and tools to grow sustainably. For Assem, product design and financial inclusion go hand-in-hand with understanding, education, and empathy.
Adeline Ocran of the Bank of Ghana (BoG) reaffirmed the central bank’s unwavering commitment to promoting responsible innovation in the financial sector. Speaking at the event, she emphasized that BoG not only regulates but actively facilitates the transformation of Ghana’s financial landscape. “We are not just regulators; we are also facilitators of transformation,” she noted (Paraphrased). Mrs. Ocran highlighted that the future of financial inclusion in Ghana looks exceedingly bright—especially with the growing momentum around digital finance and fintech solutions. She assured stakeholders that BoG remains supportive of financial innovations, provided they align with the overarching goals of stability, inclusion, and consumer protection. “We encourage innovation; we do not stifle it,” she emphasized, reinforcing the regulator’s belief that inclusive, tech-enabled finance can unlock new opportunities for underserved populations. Her presence and endorsement at the event lent significant weight to the ongoing dialogue on enabling inclusive growth through digital transformation
Adding his voice to the discussion, Mr. Desmond Adu provided concise and impactful bullet points reinforcing Tony Abakisi’s points on financial inclusion. He stressed that digital finance is not just about convenience but about economic empowerment and systemic change. "Digital tools, when combined with human-centered design and empathy for underserved populations, have the potential to transform entire communities," Desmond added.
These insights, collectively, painted a clear picture of the state of financial inclusion in Ghana. They explicitly highlighted the fact that while significant progress has been made, there is still a long journey ahead. Trust, literacy, affordability, and proximity remain critical challenges. However, the passion and commitment displayed by the panellists offered hope that meaningful and inclusive transformation is not only possible—it is already underway.
In sum, the panel discussion hosted by Solis Microfinance was a significant milestone in Ghana’s journey toward digital financial inclusion. It highlighted not just the potential of technology to transform access to finance, but also the socio-economic imperatives of inclusive design, strategic collaboration, and trust-building. As the Solis Mobile App enters the market, it does so not merely as a product but as a symbol of what can be achieved when innovation is guided by empathy, and when financial empowerment is treated as a shared national mission.
Looking ahead, Solis Microfinance aims to leverage the insights and partnerships formed during this panel to refine its service offerings, expand its reach, and advocate for systemic changes in the financial services sector. The organization is committed to continuous learning and innovation, ensuring that its tools and platforms remain relevant to the evolving needs of Ghanaians. With leaders from institutions like the Bank of Ghana, GAMC, Solv Ghana, and industry veterans like Dominic Adu backing the cause, the path forward is clear: Ghana must build a financial system that leaves no one behind.
In an age where digital technology is reshaping economies and societies at a rapid pace, events like this panel discussion remind us of the importance of slowing down to listen, engage, and co-create. They reaffirm that digital financial inclusion is not a destination but a journey—one that requires patience, partnership, and a persistent focus on people.
