The campaign held under the theme: ‘Responsible Borrowing,’ also formed part of a broader strategy of the Bank to promote responsible borrowing and spending among the citizenry.

It is also to promote financial discipline among the banking consumers.

Speaking at the event in Accra, Mr Lincoln Mali, the Head of Standard Bank Group in charge of Card and Emerging Payments, urged banking customers to consider their financial lifestyle and habit before acquiring a credit card.

 “Depending on different lifestyles a credit card might be a great thing or it might not be the right product. So we don’t want people just to take credit card, we want them to understand what credit card is and is not,” he said.

Mr Mali said credit card was good for people who travelled a lot outside their home country and also preferred shopping online, adding that credit cards allowed travellers to pay for their air ticket, shop on the plane and buy duty free items.

He said credit card is a form of payment for the purchase of goods and increased convenience and ability of people to spend when they are travelling or want to buy a big item, saying credit card increased sales and reduce cash risk.

He said credit card was a more flexible form of borrowing than overdraft or personal loans.

 “The difference is that a credit card affords you a new option to manage your cash flow and an alternative source of funds to buy and pay later at a reducing minimum payment,” Mr Mali said.

He advised customers not to withdraw cash from credit card and spend beyond their limit, and also pay their loans on time to avoid paying penalties.

Nana Dwemoh Benneh, the Head of Personal and Business and Banking of Stanbic Bank-Ghana, said technology is growing and catching up in the sub-region and that the Bank is not only concerned about advancing loans to customers but educating them to be financially disciplined.