environment for the surging financial digitization processes in the economy. 11. the bank of ghana is engaging the industry and currently reflecting their views to inform the operationalization of this new act. we will be coming out with the operational guidelines and licensing requirements for fintechs in the next couple of weeks. views from ongoing stakeholder engagements will help us to develop a licensing regime and requirements that allow fintechs to operate independently under this new act. 12. to promote financial inclusion means we need a flexible regulatory environment for fintechs, in which innovation is promoted, but at the same time, we are able to strike a good balance between risks and the level of oversight and compliance requirements. the bank of ghana remains committed to continuously review regulations to ensure that they remain relevant and accommodate for advances in technology and piloting of new ideas, where possible, by using regulatory sandboxes. 13. the revolution of mobile money transactions in the ghanaian economy has instigated a paradigm shift to a new kind of retail banking system where large segments of the unbanked populace are being absorbed into the financial services sector. according to the world bank global financial inclusion index released in april 2018, ghana ’ s financial inclusion has increased from 41 percent in 2014 to 58 percent in 2017 mainly on account of adoption of digital channels such as mobile money for service delivery. 14. indeed, the success of mobile money transactions in advancing financial inclusion cannot be overemphasized, but there is still scope for further expansion and we need to focus on areas such as pricing of digital financial services to promote competitive practices to foster increased usage. broadly, market players are seeking to lower costs and increase access channels to make digital financial services affordable to the general public. 15. to be successful, electronic payment products should be affordable and sustainable. and, sustainability requires leveraging on an enlarged network which supports payment service providers to build critical mass and achieve the desired economies of scale. in this regard, collaborative efforts with the financial digital space to develop and share infrastructure should be encouraged. this could be the needed enabler to promote modernization of the payment system. 16. ladies and gentlemen, another equally important aspect that requires attention strengthening transactions security to minimize fraud and instil confidence in the use of electronic payments. counter fraud measures and risk management practices should be effective and proportionate to each service providers risk levels. these factors would require the attention of stakeholders as collectively, we progress towards a more cash - lite society to ensure secured,

measures to ensure that the transmission of monetary policy stimuli to the economy would remain active, in the face of impairments in different financial market segments. this is arguably an important difference with respect to the japanese experience in the 1990s, where commentators have argued that non - standard measures could have been implemented earlier. 11 looking ahead, anchoring inflationary expectations is crucial to provide a stable environment for the decisions to invest and hire workers, and to avoid the deflationary pressures which exacerbated and prolonged economic stagnation during japan ’ s lost decade. the firm see, for example, ueda ( 2012 ), “ deleveraging and monetary policy : japan since the 1990s and the united states since 2007 ”, journal of economic perspectives, vol. 26, pp. 177 – 202. bis central bankers ’ speeches commitment of the ecb to its medium - term inflation objective is its best contribution to sustainable economic growth. the recent decisions of the ecb and the forward guidance it has provided on its future monetary policy stance are geared towards this objective. i thank you for your attention. bis central bankers ’ speeches