Blockchain Maturity of Ghanaian Financial Institutions and Their Readiness to Adopt Distributed Ledger for KYC Processes

Forgor Lempogo, Willian Leslie Brown-Acquaye, Millicent Agangiba and Daniel Selassie Kwasi Twumasi
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Forgor Lempogo: Ghana Communication Technology University, Ghana
Willian Leslie Brown-Acquaye: Ghana Communication Technology University, Ghana
Millicent Agangiba: University of Mines and Technology, Ghana
Daniel Selassie Kwasi Twumasi: IT Consortium, Ghana

International Journal of E-Services and Mobile Applications (IJESMA), 2023, vol. 15, issue 1, 1-24

Abstract: Although information technology has positively influenced operations in the Ghanaian financial sector, there is still a high operational cost in performing KYC procedures due to duplication of efforts during clients' onboarding. The decentralized nature of blockchains makes them ideal for addressing these challenges. In this paper, the blockchain maturity model was used to assess the maturity and readiness of Ghanaian banks to adopt blockchain technology for KYC processes. Using primary data obtained via questionnaires and interviews, the individual components of the blockchain maturity model were assessed. The results indicate that the network, hardware, and software components are at repeatable, defined, and managed stages, respectively, while the people component lags in the initial stage due to a lack of adequate staff training. Finally, security and privacy are at the defined stage, whereas policy and regulations are at the initial stage.

Date: 2023
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