Cross-border payments essential to bridging financial inclusion gap – AZA Finance

Country Manager for AZA Finance, Nana Yaw Owusu Banahene, has emphasised the importance of cross-border payments in improving the payments space and financial inclusion efforts.

According to him, the creation of the Africa Continental Free Trade Area has come at an opportune time which will support financial transactions to take place with ease among African countries signed unto the free trade pact.

Speaking in an interview with GhanaWeb Business on the sidelines of B&FT’s 2023 Money Summit held on May 9, Mr Owusu Banahene said the establishment of cross-border payment offers is a unique opportunity of bridging the financial inclusion gap.

“With the urgent call for people to trade amongst themselves in Africa, the establishment of cross-border payments platforms will ensure people can effectively pay for goods and services in other countries although there are other means also being deployed but cross-border payment is rather unique in bridging the financial inclusion gap among people in Africa especially through financial technology”.

He continued, “Fintech stand a great chance under AfCFTA due to constant trading opportunities among Africans and so if Fintech can develop these cross-border payment platforms with the right regulations and guidance, the continent will see a vast change in the use of Mobile Money, banking services and the financial sector services in general”.

He added that cross-border payments can become efficient tools once the necessary technology infrastructure, operational efficiency and collaboration with several partners are deployed.

On the emergence of Artificial Intelligence and its associated impact on the financial sector, the AZA Finance Manager said stakeholders must look at the innovation from the perspective of growing their customer base.

He explained that AI can help banks to understand the needs of customers, particularly customer footprints as well as define customer behaviour geared towards delivering efficient services to their needs.

The third edition of the Money Summit comes at a time when the global economy and domestic economy are facing a wave of challenges.

Many financial analysts, economists, and experts in financial markets view that the financial sector is key and critical in sustaining and subsequent salvage of the ailing economy.

The Summit which was themed; 'Africa’s robust financial sector: The catalyst for sustainable economic growth' brought together forward-thinking experts in the financial sector to discuss how to navigate the next wave of Fintech and the future of building a robust financial sector.

MA/FNOQ