Evolution of banking industry enabling cooperation with fintechs - Bank CEO

The Chief Executive Officer of UMB Bank, Nana Benneh Dwemoh, has said the banking industry’s varying dynamics – especially in the post-COVID-19 era – are enabling banks to collaborate with emerging financial platforms, such as financial technology firms (fintechs), to meet the growing demands of customers.

While saying that UMB has been at the forefront of innovation – citing several novelties introduced into the banking scene in the past years to buttress his point, he expressed banks’ readiness to leverage the services provided by fintechs to enhance their operations.

“As our world has evolved, cooperation has now become the new reality. Not only are we having to collaborate as traditional banks, but also with fintechs to serve the banking clientele,” he said.

Mr. Dwemoh, who was part of the panel at the first plenary session of this year’s ‘Money Summit’ organised by the Business and Financial Times in Accra, further noted the importance of the drive toward digitisation of financial services and collaboration between banks and fintechs.

UMB for instance, he said, allows fintechs to plug into their services for mutual benefit while meeting the needs of customers.

The Country Manager at AZA Finance, Nana Yaw Owusu Banahene – also contributing to the discussions, stressed the importance of partnerships; which are enabling the unbanked to be included in the financial ecosystem.

The Money Summit (TMS) 2023, the annual event’s third instalment, brought together the domestic business community’s highest echelon to attempt making sense of the current economic landscape and proffer workable solutions and areas for public-private collaboration.

It was held under the theme ‘Africa’s robust financial sector: The catalyst for sustainable economic growth’.

The event provided a platform for seasoned professionals to enhance public awareness on significant policy measures in the sector; brainstorm and provide solutions to identified challenges; and seek feedback and input from critical stakeholders.

It was also meant to offer contributions aimed at significantly shaping government policy, aiming to position the financial sector as leader of the country’s recovery efforts.

The first session of the event looked at ‘From competition to collaboration: how fintech is shaping the future of finance’.

This comes as fintech continues to cement its position as a critical component in the financial inclusion agenda, and is poised to play a super-sized role in domestic and continental economic transformation.

The panel was made up of top persons from the banking fraternity – including the Chief Executive of Officer GCB Bank, Kofi Adomokoh; Chief Executive Officer-Ghana Association of Banks (GAB), John Awuah; and Head of Retail Banking-FBN Bank, Allen Quaye.

The Head of Business Enablement-Stanbic Bank Ghana, Marian Amartey, also participated in the panel discussion moderated by the Vice President-Ghana Fintech and Payment Association, Richard Nunekpeku.