Collaborate With FINTECH Companies – UBA MD

Abiola Bawuah, MD of UBA

MANAGING DIRECTOR of United Bank of Africa (UBA), Abiola Bawuah, has urged banks to team up with finance technology (FINTECH) companies to help improve corporate Ghana’s mobile financial space.

She said this at the second edition of the Chartered Institute of Marketing Ghana (CIMG) conference held in Accra under the theme: “Who is threatening the lions of the banking jungle.”

Mrs Bawuah said since the emergence of technology, the banking world has been fine-tuned to usher in a wide range of changes in the delivery of financial services.

According to her, research has shown that companies which embraced technology were likely to experience a 3 percent increase in revenue.

Fintech is an industry composed of companies that use new technology and innovation with available resources in order to compete in the marketplace of traditional financial institutions such as banks and intermediaries in the delivery of financial services.

Some Fintech Companies in Ghana have been categorized as payments (mobile and card acquiring), mobile money and agency bank tech, lending and savings, bitcoin and block chain, crowd funding, remittance, loyalty, insurance tech, agric finance and data analytics.

“Even though there have been other industrial revolutions over time, none has actually affected the banking business than that of this era”.

She said by the close of this year, chief marketing officers would have spent more money on technology than chief information officers while by year 2020, 50 billion devices would be connected digitally.
She therefore appealed to financial institutions to evolve their new products around innovations and collaborate with Fintech companies.

 

By Lawson Kwame Lugu & Memunatu Abubakari

 

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