Mastercard advocates partnerships among fintechs, banks to expand financial services

Country Director, Mastercard-Ghana, Bossman Kwapong, has urged fintech companies and banks to collaborate and form strategic partnerships as part of efforts to expand the reach of financial services and foster innovation in the industry.

Mr. Kwapong said such collaborations will spur the development of innovative products and services that will in the long-run benefit consumers worldwide.

The Country Director emphasised the importance of partnerships during the ‘Ghana Fintech Day’ event held in Accra. It sought to explore the future of payments, and how fintechs can position themselves as they aim for convergence across technologies and industries.

“At Mastercard, we have always been committed to creating a better and more inclusive future. Our vision of connecting 1 billion people to the digital economy by 2025 is not just a lofty goal; it is a call to action – a driving force behind our efforts to engage the fintech community in Ghana. We firmly believe that collaboration and partnerships are the keys to unlocking the full potential of fintech in Ghana. By working together, we can improve financial inclusion and empower individuals and businesses with the tools they need to thrive in the digital age. The road to progress is not always easy, but together we can overcome challenges and seize opportunities,” he noted.

The COVID-19 pandemic, according to him, has further underscored the need for accessible and inclusive financial services. He explained that the use of digital payment services by individuals and businesses increased across the globe during the period.

Mastercard’s call for partnerships is not without precedent. The company has already embarked on several successful collaborations with fintech firms in recent years.

By fostering partnerships between fintechs and banks, Mastercard aims to create a more inclusive financial ecosystem that caters to a wider range of customers. An example he cited is the Fintech Space Programme, he said.

“Some of the programmes we have created that enable fintechs to take advantage include the ‘Fintech Space Programme’, which is to enable them in having access to our infrastructure, be able to co-create by building something together, but more importantly connect this infrastructure to the final consumer so that they can consume,” he said.

This collaboration will not only accelerate the development of innovative financial products, but also ensure that they adhere to industry standards and regulations.

Mr. Kwapong commended government for its role in creating an enabling environment for fintechs to thrive. One of them, he mentioned, is the digital address system.

As the financial services landscape continues to evolve rapidly, he indicated it is clear that partnerships are key to unlocking the full potential of financial technology and delivering enhanced services to customers worldwide.

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