Old Mutual Ghana Strengthens Ties With Financial Intelligence Center | Business News

Old Mutual Ghana, a leading insurance company, has paid a courtesy call on Ghana’s Financial Intelligence Center (FIC) to reinforce their commitment to ensuring the integrity of Ghana’s financial system. 

The purpose of the visit was, among other things, to address key issues regarding Old Mutual’s collaboration with the FIC and shed light on their initiatives aimed at promoting financial literacy and security in the country.

The Group Chief Executive Officer (GCEO) for Old Mutual Ghana, Tavona Biza, emphasized the significance of collaborating with the FIC, recognizing the FIC as a vital stakeholder in maintaining transparency within the insurance industry.

“The FIC plays a crucial role in providing guidance and direction to insurance companies, ensuring compliance with anti-money laundering and counter-terrorism financing regulations. With a focus on safeguarding the prosperity of valued customers and maintaining the industry’s integrity, Old Mutual Ghana sees collaboration with the FIC as essential,” he said.

He highlighted the importance of joint efforts to combat suspicious transactions, address inquiries, and ensure adherence to regulatory standards.

Empowering communities

He emphasized Old Mutual Ghana’s commitment to financial literacy, outlining their extensive programs conducted over the past decade. 

“We have been trendsetters and pacesetters in terms of financial literacy. These initiatives include face-to-face engagements, digital platforms, and social media campaigns, reaching over 200,000 individuals and by providing financial education, Old Mutual Ghana aims to empower Ghanaians to understand the significance of savings, future planning, and secure financial practices,” he said.

Strategic focus on impact and innovation

Mr. Biza highlighted Old Mutual Ghana’s focus on making a tangible impact on the financial services sector and insurance penetration in Ghana. By ensuring financial security for the populace, Old Mutual Ghana aims to expand its market share and enhance its role in the industry.

The Financial Intelligence Center expressed confidence in Old Mutual Ghana’s dedication to compliance with Anti-Money Laundering and Counter-Terrorism Financing provisions. “We believe Old Mutual is on the right path in terms of their compliance to the AML/CFT provisions in the law, regulations and guidelines”. 

Both entities underscored the organization’s efforts in safeguarding the Ghanaian economy, which included the implementation of the goAML software for intelligence analysis and dissemination. 

Ghana’s removal from the “Grey list” in 2021 was a cause for celebration, demonstrating the nation’s dedication to combating money laundering and terrorism financing. 

The collaboration between the FIC and Old Mutual Ghana is important in maintaining financial system integrity, ensuring compliance with regulations, and preventing illicit financial activities.

Strengthening financial system resilience

Old Mutual Ghana’s visit to the FIC highlights their shared commitment to fostering a secure financial environment. With innovative initiatives, collaborative efforts, and a focus on financial literacy, both entities are poised to make lasting contributions to Ghana’s financial sector integrity and the well-being of its citizens. As they move forward, the partnership between Old Mutual Ghana and the FIC promises a future marked by financial security, regulatory compliance, and innovative solutions for all.