Prudential Bank Executive Director calls for stronger collaboration between banks and fintechs to achieve financial inclusion

The Executive Director 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 Ebo Quayson says even though there exists some form of collaboration, traditional banks and FinTech operators need to do more and be deliberate about joining forces to ensure more Ghanaians are onboarded 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 the 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. Neobanks 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, having to lodge reserves with bank regulators, among others. 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 thoughts 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 are amiable to technological advancement. 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 cybercrimes are more essential now than ever,” he said.

Participants on the panel included key players in banking, fintech, regulation, and stakeholders of the financial services sector.

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