The Acting Managing Director of Prudential Bank LTD, Ebow Quayson, has urged banks to consider Fintechs and Telecommunication organizations (Telcos) as essential partners rather than competitors in the financial sector ecosystem.
He noted that the banking sector as a matter of necessity should embrace collaboration with Fintechs and Telcos as a path to scale, drive digital innovation, financial inclusion and sustainable growth across West Africa's financial sector
Contributing on the CEOs Visionary Panel at the just ended MoneyAura Summit in Accra, Quayson shared candid lessons from the Prudential Bank's own late entry into the digital space and how partnerships have elevated the Bank’s digital transformation drive.
Speaking from our experience, Fintechs have become a very good way of meeting customer shifting needs and expectations, while helping us scale. For us, Fintechs are partners not a threat," he said.
He explained that while banks operate within stringent regulatory requirements, Fintechs and Telcos possess the ability and agility to rapidly develop and deploy innovative solutions to quickly reach the market.
Fintechs have agility, and banks have trust, regulation, and capital," he said. "For us, fintechs are not seen as disruptors or competition.
Addressing the importance of customer centric innovations that truly meets the customer's needs, Quayson stressed that successful digital products begin with understanding customer needs begore development.
Before introducing any product, institutions must first engage customers to understand what they need. When products are designed around customer expectations, adoption becomes much stronger," he stated.
He reaffirmed Prudential Bank’s commitment to leveraging partnerships, innovation and customer-focused solutions to deliver seamless banking experiences while supporting Ghana’s broader digital financial ecosystem.
The Money Aura Summit convened senior executives, regulators, fintech leaders and industry experts to discuss the future of digital finance and identify practical strategies for strengthening financial inclusion, profitability and sustainable growth across the region.
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