Ghanaian banks urged to embrace technology

Misys, the United Kingdom-based multinational software firm, has urged Ghanaian banks to increase the deployment of electronic banking services to grow their businesses.

Misys’ Senior Risk Advisor, Bradley Ziff, explained that the deployment of electronic banking services could also reduce the risk of especially cybercrimes in the West African country.

“The advancement of electronic banking and indigenous banking is a real opportunity in the emerging markets including Ghana because it is spreading,” he said in an interview with CAJ News,” after a recent working visit to Ghana.

Ziff urged Ghana to emulate such countries as Nigeria, which has adopted a cash-light economy to reduce crimes and to reduce the risk of carrying money.

“So, to me this is unquestionably the way to the future. Because if you walk the streets of Accra which I have and I have the chance to go to a number of the highly underprivileged areas in New York city and other parts of Africa that need investment you still see people there carrying mobile phones, tablets and devices.

“So that is the direction which people are to be moving in the next three to five years this means mobile banking has a future,” Ziff added.

The Regional Head of Ericsson Sub-Saharan Africa, Fredrik Jejdling, concurred. “Mobile banking has provided consumers with cheaper access to their finances due to a reduced need to travel and the lower overall cost of using a mobile phone for financial transactions,” he said.

Headquartered in London, Misys specialises in software for banking, capital markets, lending, enterprise risk and investment management.