The panelists at the event
Banks have been urged to enhance their collaboration with financial technology (Fintech) institutions as they move to meet the changing transactional needs of clients.
According to panelists at the 3rd Business & Financial Times (B&FT), ‘The Money Summit’, although banks are beginning to get active in the financial technology space with the introduction of products like mobile banking and inter platforms transactions among others, there is still a huge untapped potential.
The panelists included Managing Director, GCB Bank PLC, Kofi Adomakoh, Country Manager, AZA Finance, Nana Yaw Owusu-Banahene, Head, Business Enablement – Stanbic Bank, Marian Amartey, CEO, Ghana Association of Banks, John Awuah, Head of Retail Banking, FBN Bank Ghana, Allen Quaye, CEO, UMB Ghana Nana Dwemoh Benneh.
Discussing the topic, “From Competition to Collaboration: How Fintech Is Shaping The Future Finance” the panelists agreed that traditional financial institutions need to pay attention to the dynamics of financial technologies in their operations.
They said that often, banks are considered the back end of financial technology transactions, however with the fast paced world of technology; it is time they looked at actively participating in the sector for optimum benefit.
B&FT CEO, Dr. Godwin Acquaye, said the Money Summit seeks to enhance investor confidence and bring together actors in the financial sector to provide solutions that will or can anchor investor confidence in the economy as well as ease the hardship and challenges of businesses and the average Ghanaian.
He said Ghanaians are faced with an opportunity to pull together in a bid to restructure the economy from a service driven one, and instead build a robust and resilient one through Technology, Finance, Investment, Trade and Entrepreneurship.
Managing Director of Ghana Stock Exchange, Ms. Abena Amoah, in her keynote address said her institution takes pride in associating with the Money Summit.
“We believe that this platform is vital for discussing pressing issues within the financial sector and contributing to the dialogue that shapes its policies.
This year’s theme, “Africa’s Robust Financial Sector: The Catalyst for Sustainable Economic Growth,” is timely given the current global, and also very domestic, challenges and financial difficulties faced by the continent,” she said.
Ms. Amoah said the country is at a critical juncture in its history – a moment filled with both challenges and immense opportunities adding that it is imperative that the potential of financial systems as catalysts for progress, prosperity, and sustainability are explored.
By Jamila Akweley Okertchiri