Universal Merchant Bank (UMB) has highlighted the importance of secure digital payment solutions in building consumer confidence and supporting the growth of businesses operating on social media and other online platforms.
The bank says its digital payment services are designed to provide merchants with credibility, convenience and an additional layer of security as more businesses embrace digital commerce.
Speaking on the sidelines of the launch of the Digital Commerce Labs in Ghana, UMB's Head of E-Business, Tubour Offei Agyemang, said the bank's decision to support the initiative was informed by the growing importance of social media in modern business operations.
He noted that businesses and brands were increasingly moving their operations to social media and other digital platforms because that was where their customers could be found.
According to him, UMB has responded to this trend by developing digital solutions that improve customer experience, particularly in the collection of payments.
He identified Speedpay as one of the bank's key products, describing it as a merchant payment platform designed for businesses that sell products online.
Through Speedpay, merchants can receive payments using QR codes or payment links sent directly to customers, making transactions more convenient.
He also announced that the bank was preparing to introduce a new payment service, which he referred to as Visa Asset, to be made available through its popular Speed app.
Tubour Offei Agyemang explained that the service would help establish credibility for individuals and brands selling online by allowing them to open accounts, manage inventory and identify customers making payments.
He said the information generated through these transactions could also help merchants understand their customers better, improve their marketing strategies and increase sales.
“As their businesses grow, we also grow our portfolio, and that's essentially the benefit for us,” he stated.
On Ghana's digital commerce landscape, he observed that the country had made significant progress over the years, with banks, major industries and service providers increasingly establishing an online presence.
He cited platforms such as TikTok and Facebook as important avenues through which businesses were reaching customers and selling their products.
However, he cautioned that the growing popularity of online commerce had also increased concerns about cybersecurity, particularly impersonation and fraudulent activities.
He said both businesses and consumers needed to exercise caution when marketing products and making payments online, while government institutions and other stakeholders must strengthen measures to address emerging digital threats.
Tubour Offei Agyemang said UMB's Speedpay platform was one of the bank's interventions to improve security and build trust in online transactions.
He explained that merchants seeking to use the service were required to hold an account with UMB and undergo the bank's due diligence processes before being onboarded.
This, he said, gives customers greater confidence when making payments because transactions are processed through a platform backed by a regulated financial institution.
“When you use Speedpay to receive a payment, the customer knows that these payments are coming from UMB, who would have done our due diligence. So we offer that credibility to the customer, and that credibility, of course, is transferred on to you, the merchant,” he said.
He added that the platform had built-in systems to protect payment data, offering merchants and their customers additional layers of security compared with less regulated payment collection channels.
The comments were made at the launch of the Digital Commerce Labs, an initiative by TikTok and the International Chamber of Commerce (ICC) under the theme “Unlocking Growth for Small Businesses.”
The initiative seeks to equip small and medium-sized enterprises (SMEs), young entrepreneurs and digital content creators with practical skills in content creation, brand development, social commerce, e-commerce, financial literacy and digital payments.
Speaking at the launch, the Deputy Minister of Communications, Digital Technology and Innovation, Mohammed Adams Sukparu, urged SMEs to leverage digital platforms to increase sales, create sustainable jobs and access international markets.
He said Ghana's ambition must go beyond getting businesses online to ensuring they could translate digital visibility into commercial success and employment opportunities.
The Head of Government Relations and Public Policy for Southern Africa at TikTok, Tholoana Ncheke-Mahlaela, said the partnership with ICC would combine TikTok's digital platform with the chamber's expertise in enterprise and trade development to help businesses become more competitive.
The Acting Chair of ICC Ghana, Mohamed Samara, also stressed the importance of consistency, reputation-building and customer trust, particularly for online businesses whose customers cannot physically inspect products before making payments.
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