The Executive Head of Retail and Commercial Banking at Prudential Bank has called for stronger collaboration between traditional banks and FinTechs to achieve stronger financial inclusion for Ghanaians.
Mr. Ebow Quayson says even though there exist some form of collaboration, traditional banks and FinTech operators need to do more and be deliberate about joining forces to ensure more Ghanaians are on boarded to enjoy seamless financial services in the country.
Mr. Quayson was speaking as a panel member at the 15th Africa Bank 4.0 Summit West Africa Edition held in Accra where participants drawn from the banking and fintech industry, financial services regulators and other financial services stakeholders discussed ways of collaboration to ensure financial inclusion for all.
The Summit also discussed threats to the financial services sector through cybercrimes, identity theft among others and how players could form synergies to avert same.
Addressing participants on the theme “Empowering West Africa’s Economic Future: Unleashing Growth through Rapid Digital Inclusion”, Mr. Quayson said FinTechs have a lot of advantages over traditional banks owing to the evolving nature of technology and the financial services sector saying the two sectors have a lot to offer if they worked together for the betterment of consumers.
“Traditional banks and neo or new banks have a lot to offer when we work together. Neo banks are not as restricted as traditional banks, and this offers great opportunities for traditional banks to leverage to reach and bring financial inclusion to a lot more Ghanaians.
“FinTechs through technology are not restricted by brick-and-mortar issues, cost of setting up infrastructure, currency reserves with bank regulator among others.
“FinTechs are also quick to market unlike traditional banks. These provide leverage for traditional banks to engage and reach more people,” he said.
The session, labelled the CEO Influencer Panel, also discussed ways of ensuring safety for consumers to lower cyber-attacks and fraud, ensuring trust, transparency and technology for better financial services results, a discussion Mr. Quayson shared thought on.
“I believe in the principle of the three Ts in banking—Trust, Transparency and Technology. Consumers are comfortable doing business with establishments who they can trust, are seen to be transparent and amiable to technological advancement.
“Banks on their part will ensure the necessary certifications like PCIDSS for cards & ISO27001 for information security are in place. Consumers, however, must take their safety into their own hands to ensure they protect themselves from cybercrime. “Measures such not disclosing personal information and constantly educating one’s self against cybercrimes is very essential now than ever,” he said.
Participants on the panel included key players in banking, Fintech, regulators of financial services institutions, and stakeholders of the financial services sector.
