• About
  • Advertise
  • Privacy Policy
  • Contact
Saturday, July 12, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Fintech to help improve SME access to finance

September 16, 2021
Stephen M.Cby Stephen M.C
in Finance, Technology
0
UMB to Create Banking Products for Fintech Start-ups

Nana Dwemoh Benneh - CEO, UMB

The Chief Executive Officer (CEO) of the Universal Merchant Bank, Nana Dwemoh Benneh has disclosed that engaging fintechs, to help improve financial services, will enhance Small and Medium Enterprise (SME) access to finance.

Also, by engaging Regulatory Technology (RegTech), to help firms simplify regulatory requirements, will help improve SME access to finance, Mr. Benneh revealed while speaking at the just ended Commonwealth Trade and Investment Summit.

With regards to customer identification procedure that is used to identify customers before granting access to finance, the use of Ghana Identification card (Ghana card) will help financial institutions with “their Know-Your-Customer (KYC) and risk assessment checks” for SMEs, Mr. Benneh disclosed.

RelatedPosts

BoG Stress Test Uncovers Banks’ Credit Vulnerability Amid Strong Liquidity Defences

Unlock Capital for SMEs Through Pensions, Private Sector Boss Tells Government

Gov’t Pumps GH₵1.4bn into NIB to Avert Collapse Ahead of IMF Review

Mr Benneh also disclosed that “KYC has historically been successful in smaller, communal, informal settings, but the shift to a more formalised financial setup is responsible for the lag”.

The CEO expressed strong sentiments that KYC will have a ‘domino-effect’, as compliance and operational cost to financial service providers (FPSs) will improve due to customer authentication measures being put in place.

Meanwhile, SMEs despite accounting for about 70% of all businesses in the country, according to the CEO have historically struggled to access credit on account of porous identification systems.

Banks, on the other hand, have had to resort to charging what, in their estimation, are appropriate risk-adjusted rates even as the industry average of non-performing loans lingers at around 15%.

By contrast, similar-sized economies non-performing loans on the continent are less than 10%, with South Africa at 3.9%; Rwanda at 4.4% and Nigeria at 6%.

fintech
Fintech

Fintechs’ modus operandi

Mr. Benneh, speaking on the theme ‘Fintech to Consumer Finance’ highlighted the use of advanced technology as well as social media by fintech companies in their operations.

“We have FinTechs which are very much focused on using telephony activity and social media activities to build the profiles of individuals. And employs innovations such as facial recognition to enable us quickly identify the clients and conduct KYC at reduced times,”

Nana Dwemoh Benneh

Furthermore, he gave credence to the implementation of the ‘Ghana card’, as plans are underway to merge the identification system with existing financial service providers’ data.

“In Ghana, we have seen the state implement a more robust ID platform called the Ghana Card that dovetails and enhances these fintech innovations. This is being reconciled with telco data, health insurance and pension data, and the expectation is that this will facilitate ease of access to credit and payment solutions for SMEs.”

Nana Dwemoh Benneh

In the meantime, the Summit which was organized both virtually and in-person, brought together other distinguished panellists in their capacities as Commonwealth Government Leaders as well as Business Leaders.

Some of these panellists include, the Chairman of the Commonwealth Enterprise and Investment Council, Lord Marland Odstock; the External Relations Minister-Government of Jersey, Senator Ian Gorst.

Also, in attendance were, Regional CEO-Insurance Growth Markets at Prudential, Wilf Blackburn; CEO at Crown Agents Bank, Bhairav Trivedi; and the Global Head SC Ventures at Standard Chartered, Alex Manson.

The summit focused on “rebuilding economies and identifying new trade opportunities in a pandemic-adjusted era”.

The panellists were unanimous in their belief that financial inclusion is a basic human right and technology will help spearhead its growth in the medium- to long-term.

READ ALSO: Fintech set to colonize traditional banking

Tags: financeKYCNana Dwemoh BennehSMEUMB
Please login to join discussion
Previous Post

Bellwether Stocks Trade Flat but show internal strength in market activity

Next Post

President finalises list of MMDCEs- Eugene Arhin

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

Ewurabena Aubynn
General News

NDC’s Ewurabena Aubynn Secures Historic Victory in Ablekuma North Rerun

July 11, 2025
Minority Decries Violence, Police Inaction in Ablekuma North Rerun, Polling, Violence
General News

Minority Decries Violence, Police Inaction in Ablekuma North Rerun

July 11, 2025
BoG’s Ban on 10 Money Transfer Organisations Sparks Transparency Debate
Banking

BoG Stress Test Uncovers Banks’ Credit Vulnerability Amid Strong Liquidity Defences

July 11, 2025
AU Urges Human Dignity In Corruption Fight
Africa

AU Urges Human Dignity In Corruption Fight

July 11, 2025
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Asia

Nearly 800 Killed While Trying To Receive Food Aid In Gaza

July 11, 2025
Shamima Muslim,
General News

Government Condemns Journalist Assaults During Ablekuma North Rerun

July 11, 2025
Ewurabena Aubynn
General News

NDC’s Ewurabena Aubynn Secures Historic Victory in Ablekuma North Rerun

by Evans Junior OwuJuly 11, 2025
Minority Decries Violence, Police Inaction in Ablekuma North Rerun, Polling, Violence
General News

Minority Decries Violence, Police Inaction in Ablekuma North Rerun

by Silas Kafui AssemJuly 11, 2025
BoG’s Ban on 10 Money Transfer Organisations Sparks Transparency Debate
Banking

BoG Stress Test Uncovers Banks’ Credit Vulnerability Amid Strong Liquidity Defences

by Stephen M.CJuly 11, 2025
AU Urges Human Dignity In Corruption Fight
Africa

AU Urges Human Dignity In Corruption Fight

by Lawrence AnkutseJuly 11, 2025
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Asia

Nearly 800 Killed While Trying To Receive Food Aid In Gaza

by Comfort AmpomaaJuly 11, 2025
Shamima Muslim,
General News

Government Condemns Journalist Assaults During Ablekuma North Rerun

by Silas Kafui AssemJuly 11, 2025
Ewurabena Aubynn
Minority Decries Violence, Police Inaction in Ablekuma North Rerun, Polling, Violence
BoG’s Ban on 10 Money Transfer Organisations Sparks Transparency Debate
AU Urges Human Dignity In Corruption Fight
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Shamima Muslim,
[/vc_row_inner]

Recent News

  • NDC’s Ewurabena Aubynn Secures Historic Victory in Ablekuma North Rerun
  • Minority Decries Violence, Police Inaction in Ablekuma North Rerun
  • BoG Stress Test Uncovers Banks’ Credit Vulnerability Amid Strong Liquidity Defences
  • AU Urges Human Dignity In Corruption Fight
  • Nearly 800 Killed While Trying To Receive Food Aid In Gaza
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.