Olumide Olatunji, the Managing Director of Access Bank Ghana has opined that it is part of the bank’s strategies to become a key player in payments across and beyond Africa.
Olumide said it is critical for the bank to get better equipped to enable it tap into all the opportunities the era presents to make this dream a reality.
This he said during the company’s workshop dubbed ‘Open, Secured and Connected Payment Systems – The Future for Banks’, where Access Bank set the tone for the discussions on the future of payments.
In a welcome address, the Managing Director of Access Bank Ghana said the financial services industry finds itself in a significant transformation era which has been accelerated by the COVID-19 pandemic.
Given the key role digitization plays in the world now, Olumide noted that electronic payments have become central to this transformation.
“Payments have become increasingly cashless and the industry’s role in fostering inclusion is a priority.
“Statistics from a PWC Strategy Global Payment models reveal that Africa will pose the second largest growth in the global cashless payment volumes growing by 78 percent between now and 2025 and by 64 percent from 2025 to 2030. This means that by 2030, the number of cashless transactions will be about double to triple the current level in Africa and across regions, globally.”
Olumide Olatunji
Present at the workshop were seasoned professionals from the Fintech, Telecommunications, Cards industries as well as the Bank of Ghana (BoG), who shared their expert opinions on the mushrooming payment industry and also took participants through key interventions relevant to upscale payment solutions to customers.
Payment fosters economic growth and fuels innovation
Olumide noted that payments are fostering digital economy growth and fueling innovation, serving as a crucial foundation for economies worldwide.
“Our strategy to become a key player in payments across Africa and beyond is seen in our new Holdco structure with our Payco subsidiary.”
Olumide Olatunji
Speaking during the workshop on regulating the payment ecosystem in the 4th revolution was Kwame Oppong, Head of Fintech and Innovation at the Bank of Ghana.
Mr. Oppong pointed out merchant payment, compliance and leveraging offline payments and transactions as key areas of focus for financial institutions and advised participants to pay keen attention to them.
“To win in the future of payments, banks must have compelling-partnerships instead of competition.”
Kwame Oppong
Abdul Majeed Rufai, Head of Mobile Financial Services at the Commercial Department of MTN shared insights on financial inclusion transformation through payment.
Mr. Rufai noted that mobile money is a key enabler of financial inclusion and explained that establishing a broad efficient agent network is crucial to financial inclusion, alluding to the saying ‘The future of finance is not technology; it is the extreme obsession to be on the side of the consumer’.
Dream Oval’s Chief Marketing Officer (CMO), Charles Kollo discussed the role of banks in a dependable financial ecosystem.
Charles highlighted opportunities for banks to stay competitive through partnering with Fintechs and as well commended Access Bank for its Africa Fintech Foundry program.
Moreover, the Country Manager of Mastercard, Bossman Akuffo Kwapong shed light on the future of card payments.
Mr. Kwapong expressed confidence in the extinction of the continuous evolution of technology or reel behind cards though plastic cards.
Bossman Kwapong urged participants to segment customers along clear parameters and leverage technology to build solutions to meet their needs.
Closing the workshop, Pearl Nkrumah, Executive Director of Retail and Digital Banking at Access Bank Ghana said she had reached one conclusion after the exposure.
“As a bank, you either evolve or dissolve. We need payments to solve lending problems, to scale and to maintain clients. Payments are ways customers leave footprints with the bank.”
Pearl Nkrumah
The Bank will continue to equip staff through workshops and other practical means to help serve customers better, Pearl said.
Pearl further noted that the Bank is in partnership with top IT organizations and Fintechs to ensure customers continue to receive top – notch banking services.
“We are currently in partnership with IT Consortium on a number of payment solutions including: Chango, a crowd funding app; Nsano on our *901# USSD platform; Etransact and Corenett on various mobile money payment services and Dream Oval for payments at the port.
Pearl Nkrumah
“Access Bank remains committed to giving customers more than banking and we have remained relevant in the payment ecosystem in Ghana and beyond, serving customers with our mobile banking offerings, card products and cross-border remittance service, AccessAfrica.”
The bank has honed a thorough comprehension of customer needs, providing exceptional service and enabling them to attain greater success through financial inclusion, Pearl added.
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