Banks urged to forge partnerships
The President of the Chartered Institute of Bankers (CIB), Mr Clifford Duke Mettle, has called on banking institutions to forge partnerships with telecommunications operators in order to harness the potential that come with mobile money services.
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According to him, mobile money had come to stay and that technology had made it possible for banking institutions to leverage mobile money services.
Mr Mettle said this in an interview with the Daily Graphic on the sidelines of the annual conference of the institute in Accra.
Deepening financial inclusion
He said in order for banking institutions “to deepen and push the financial inclusion agenda, mobile money comes in handy.”
That, he said, was because it was able to reach the remotest part of the country and therefore, it was important for the “banks to collaborate or partner the telcos.”
Explaining further, he said the telcos had the infrastructure and so the banks could take advantage of that and ensure that the financial inclusion agenda of the government was attained.
Opportunity for innovation
“I also believe strongly that mobile money offers the opportunity for banks to innovate on the back of the telcos, as such partnership is imperative,” he stressed.
He urged banks to sit with the telcos to see how they could together develop new products, be more innovative and focus on the convenience of the customer instead of competition.
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“Banking institutions and the telcos must complement each other rather than seeing themselves as competitors,” he added.