Banking sector needs more collaboration with SMEs – Ossai

Business Manager for HMD Global Africa, Emmanuel Ossai has said despite the success of electronic-banking (e-banking) the sector needs to collaborate more with startups and Small-Medium Enterprises (SME’s) to offer lines of credit.

This, he added, will reduce the practice where customers manually submit statements and transact business.

Speaking during a panel discussion at the Social Media Week in Accra, Ossai said the growing pace of e-banking in Ghana, when harnessed, will offer an efficient and more reliable platform for startups to transact business with ease.

"Reducing these sort of friction points will be of huge benefit to many startups and the benefits of digital banking in developed countries is numerous and hopeful for the system to evolve growing economies like Ghana," he added.

Research has shown that the adoption of e-banking has been a business strategy taken by banks in response to customer needs and changing market trends in the banking industry.

In the case of Ghana, electronic banking is gradually becoming acceptable to all through the use of digital platforms and applications to purchase goods and services.

Some key business leaders have concluded that technology will in the next twenty years drive the business environment of Ghana.

He said his outfit, plans to provide Ghanaians with devices that meet the needs of different consumers across different price segments and revealed that HMD Global along with Nokia are currently in partnership with Google to certify its devices and provide consumers and startups in Ghana with monthly security updates and efficient user experience.

Vice President, Dr Bawumia had earlier noted that the ideas and innovation of Ghanaian citizens, whether home or abroad can be leveraged on Information Communication Technology (ICT).

According to him, it is essential for leaders to embrace innovative ways of solving challenges and encourage its younger generation to take advantage of the vast brain power of technology to make a difference in their lives.