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Financial Inclusion and ACE Money Transfer: Policy Adjustments for the Unbanked Ghanaians in Canada

Financial Inclusion and ACE Money Transfer: Policy Adjustments for the Unbanked Ghanaians in Canada

19 Oct 2023

The key to unleashing economic potential, alleviating poverty, and promoting social development is financial inclusion. Financial inclusion is the availability and use of various financial services by individuals and enterprises, regardless of income or location. Canada is very efficient in this for its 450,000+ immigrants on average each year. Individuals may manage risks, invest in education and healthcare, and start and grow enterprises with access to financial services such as savings accounts, credit facilities, and insurance.


Unfortunately, many worldwide, including Ghanaians in Canada, lack access to fundamental banking services. However, with digital money transfer businesses such as ACE Money Transfer, unbanked Ghanaians in Canada can now easily send money to Ghana. Addressing the unbanked Ghanaians in Canada is important because it helps improve the financial well-being of people and families and contributes to economic growth. This article looks at the legislative changes needed to ensure financial inclusion for these people, allowing them to improve their lives.

Understanding Financial Inclusion

Financial inclusion is the broad and equitable access to financial services and resources by individuals and enterprises, regardless of socioeconomic position, geographical location, or other restrictions. 

Importance of Financial Inclusion

Financial inclusion is an important economic and social objective. It includes a variety of financial institutions such as banking, savings, credit, insurance, and payments, and it strives to bring underserved and marginalised populations into the official financial system. 

Economic Progress

In numerous ways, financial inclusion promotes economic growth and development. Financial inclusion promotes capital creation by giving firms and individuals access to finance, allowing them to invest in education, healthcare, and income-generating activities. Small and medium-sized businesses (SMEs), frequently underserved by traditional banks, play an important role in job development. 

Risk Reduction

Individuals and organisations benefit from financial inclusion by better managing and mitigating financial risks. It also allows people to diversify their savings and assets, making them less vulnerable to economic downturns or inflation.

Basic Services Access

Financial inclusion is frequently used to get access to basic services. It enables families to save for their children's education, obtain student loans, and assist individuals in affording vital healthcare services and prescriptions.

Global Perspective 

Financial inclusion is a key worldwide topic that has recently received much attention. It is the process of ensuring that individuals and businesses, particularly those in underserved and marginalised communities, have access to and can use financial services successfully. 

Global Engagement

The Sustainable Development Goals (SDGs) of the United Nations contain an aim (Goal 8.10) to guarantee equal access to financial services for all. This illustrates the organisation's commitment to promoting financial inclusion to eradicate poverty and foster long-term development.

International Initiatives

Several global institutions actively promote financial inclusion, including the World Bank, the International Monetary Fund (IMF), and the Alliance for Financial Inclusion (AFI). They provide technical assistance, research, and money to programmes worldwide.

Key Barriers

Several major financial inclusion barriers restrict people from getting basic financial services. These barriers differ by geography, but they often include:

Inadequate Access to Banking Services

Many people in rural or isolated places may not have access to physical bank branches or ATMs. So, when expats send money to GhanaGhanaians cannot receive it. 

Inflation and Economic Instability

People with low or irregular wages may be unable to achieve the minimum balance requirements or to save or invest. Access to financial services might also be hampered by economic insecurity.

Financial Inclusion in Canada

Compared to many other nations, Canada is thought to have a very mature and well-developed financial system, and financial inclusion is generally high. However, some of the population continues to struggle to access and fully participate in the official financial system.


The vast majority of Canadians can use basic banking services. Canada has a well-developed banking and credit union network, with branches and ATMs nationwide. Even in distant places, basic banking services are provided.


Canada has several social assistance programmes, such as the Canada Pension Plan (CPP), Old Age Security (OAS), and Employment Insurance (EI), that help individuals achieve financial stability.

Population in Canada

As of September 2021, here is some broad information on Canada's unbanked and underbanked populations:

Unbanked Population

According to the Canadian Financial Capability Survey, around 3% of Canadians, close to one million adults, had no bank account.

Underbanked Population

The underbanked population, which includes people with a bank account but using alternative financial services (such as payday loans and check-cashing services) for some financial activities, is believed to be bigger than the unbanked population. According to the same survey, 15% or nearly five million Canadian adults used payday loans or other high-cost financial services the previous year.

Challenges Faced by Ghanaians

Regarding financial services, Ghanaian immigrants in Canada have distinct hurdles. Many people are unbanked or underbanked, which means they don't have access to fundamental financial instruments. These people frequently use informal ways to send money to Ghana from Canada, which can be costly, unreliable, and prone to fraud. Here are some of the major barriers to financial services that Ghanaians face:

Limited Banking 

While Ghana's urban areas have relatively well-developed financial infrastructure, many rural and isolated locations lack physical bank branches and ATMs. This makes standard banking services harder to obtain in these places.

Financial Exclusion

In Ghana, many of the population is poor or has a low and irregular income. This makes meeting minimum balance requirements and gaining access to formal financial services difficult.

Financial Knowledge

People who lack financial literacy and are unaware of financial products and services may be discouraged from using formal banking services. Many Ghanaians are unaware of how to save, invest, and get loans appropriately.

Expensive Costs

High banking fees and transaction costs, such as ATM fees and account maintenance charges, can deter low-income people from utilising formal financial institutions.

ACE Money Transfer: A Catalyst for Financial Inclusion

Fortunately, digital money transfer services like ACE Money Transfer have evolved to meet these concerns. ACE Money Transfer is a global money transfer firm that provides various international money transfer services.


ACE Money Transfer has used technology to circumvent the limits imposed by traditional banking institutions and promote financial inclusion for these people. With ACE Money Transfer, unbanked Ghanaians can do instant money transfers to Ghana. 

Services Offered by ACE Money Transfer 

Here are some of the regular services and features provided by ACE Money Transfer:

Online and Mobile Applications

Customers can initiate and follow money transfers from the comfort of their desktops or cellphones using ACE Money Transfer's online and mobile app platforms.

Cash Pickup

Recipients frequently can receive payments transferred as cash at various agent sites or partner banks and financial institutions in their respective countries.

Bank Transfers

Customers can send payments straight to the recipient's bank account through ACE Money Transfer, facilitating bank-to-bank transactions.

Mobile Wallets

ACE Money Transfer allows some nations to receive money straight into their mobile wallets via mobile wallet transfers. This helps unbanked Ghanaians in their transactions, and they can receive the money without a bank. 

Affordable Rates

ACE Money Transfer seeks to provide competitive exchange rates to give customers the best value for their money when converting currencies. Do read Understanding Exchange Rates In 2023 And How To Get The Best Deal.

Monitor Transaction 

Customers can frequently track the status of their funds transfers via the company's internet platform or mobile app.

Discounts and Promotions

ACE Money Transfer provides promotions, incentives, or loyalty programmes to entice customers to utilise their services frequently.

Accessibility and User-Friendliness 

ACE Money Transfer has a presence in multiple countries, which can make it accessible to a wide range of customers who need to send money internationally. ACE Money Transfer has partnerships with local agent locations or traditional banks in various countries, providing additional accessibility for customers who prefer to conduct transactions in person. 


ACE Money Transfer aims to be user-friendly; thus, signing up for an account is generally straightforward. ACE Money Transfer typically guides users through initiating a money transfer. ACE Money Transfer offers customer support services, including email, phone, or live chat assistance, to help users with any questions or issues they may encounter during the transfer process.

The Way Forward

Financial inclusion is critical for economic empowerment and poverty reduction, particularly for unbanked Ghanaians in Canada. The advent of digital money transfer services such as ACE Money Transfer has significantly increased the ease with which these folks can send money to Ghana from Canada. Unbanked Ghanaians can readily get money via mobile wallets. However, policy changes are required to properly promote financial inclusion. 

Policymakers may ensure that unbanked Ghanaians in Canada have access to affordable and efficient financial services by providing regulatory support and fostering collaboration between digital money transfer firms and traditional banks. Financial inclusion will become a reality due to these policy changes, allowing unbanked Ghanaians in Canada to improve their lives while also contributing to Canada's and Ghana's growth and development. 


What does financial inclusion look like in Ghana in 2023? 

The National Financial Inclusion and Development Strategy, designed in partnership with the World Bank, intends to increase financial inclusion from 58% to 85% by 2023, thereby assisting in creating economic opportunities and reducing poverty. 

What are Ghana's financial inclusion challenges? 

Capacity, skills, trust, and security are barriers to digital financial inclusion in Ghana.



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