The Executive Director of Retail and Commercial Banking at Prudential Bank, Ebo Quayson, has called for stronger collaboration between traditional banks and financial technology (FinTech) firms to enhance financial inclusion in Ghana.
He emphasized that although some partnerships exist, more deliberate efforts are needed to onboard more Ghanaians onto digital financial platforms and ensure seamless access to financial services.
Quayson made these remarks while participating in a panel discussion at the 15th Africa Bank 4.0 Summit West Africa Edition held in Accra. The event brought together banking and fintech executives, financial service regulators, and other stakeholders to explore collaborative efforts aimed at promoting financial inclusion across the region. Discussions also focused on cybersecurity threats, identity theft, and the role of technology in mitigating such risks.
Speaking on the summit’s theme, “Empowering West Africa’s Economic Future: Unleashing Growth through Rapid Digital Inclusion,” Quayson underscored the immense opportunities that exist when traditional banks and FinTechs collaborate.
He noted that while traditional banks operate under strict regulatory requirements and infrastructural limitations, FinTech firms enjoy flexibility due to their digital-first approach. This, he argued, presents a significant opportunity for synergy between the two sectors. “Traditional banks and neo or new banks have a lot to offer when we work together,” Quayson stated.
“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, the cost of setting up infrastructure, or having to lodge reserves with bank regulators. These provide leverage for traditional banks to engage and reach more people.”
Ebo Quayson
His call for collaboration aligns with the increasing digitalization of financial services, where mobile banking, digital wallets, and online payment solutions are transforming the way people access and use financial services.
By working together, banks and FinTechs can bridge the financial gap, providing services to underserved populations, particularly in rural areas where access to physical bank branches remains limited.
Addressing Cybersecurity and Consumer Protection
The panel discussion also delved into the critical issue of cybersecurity threats, a growing concern in the financial services industry. With the rise in digital transactions, cybercrimes such as identity theft, fraud, and phishing attacks pose serious risks to consumers and financial institutions alike.
Quayson highlighted the importance of trust and transparency in banking, emphasizing that financial institutions must adopt robust security measures to protect consumers while educating them on safe banking practices. He introduced the concept of the “three Ts” in banking—Trust, Transparency, and Technology—as fundamental principles in ensuring a secure and consumer-friendly digital financial ecosystem.
“I believe in the principle of the three Ts in banking—Trust, Transparency, and Technology. Consumers are comfortable doing business with establishments that they can trust, are seen to be transparent, and are receptive to technological advancements.
“Consumers, however, must take their safety into their own hands to ensure they protect themselves from cybercrime. Measures such as not disclosing personal information and constantly educating oneself against cyber threats are more essential now than ever.”
Ebo Quayson
Financial regulators and industry leaders at the summit acknowledged the growing need for stronger regulatory frameworks that promote innovation while safeguarding consumer interests.
The discussion emphasized that banks and FinTechs must implement stringent security protocols, utilize artificial intelligence for fraud detection, and invest in public education campaigns to raise awareness of digital security risks.
The increasing digitization of financial services in Ghana presents a transformative opportunity for banks and FinTechs to redefine financial inclusion. The partnership between the two sectors is essential for creating innovative financial solutions that cater to the needs of individuals and businesses.
READ ALSO: Ghana Stock Exchange Rides Bullish Wave with Strong Gains
