Financial institutions, fintechs urged to unlock innovative products
The Head of Digital and Innovation at Fidelity Bank, Kwame Aduansere, stressed the need for more collaboration between traditional financial institutions and fintech companies to unlock innovative financial products that benefit all stakeholders.
He cited, for instance, Fidelity Bank's successful partnership with MTN, which has resulted in the introduction of "Yello Save," a savings product on MTN's mobile money platform, and noted that it is an exemplary case of such collaboration.
Mr Aduansere made the call during a panel discussion at the Africa Tech Summit 2023. It was on the theme "The Future of Digital Financial Services."
Mr Aduansere highlighted the trend towards fintech companies which are re-bundling financial services, resulting in embedded finance.
He also underscored the transformative role of blockchain technology and artificial intelligence (AI) in reshaping the financial sector.
"We are witnessing a shift towards fintech companies re-bundling financial services, leading to embedded finance," he said and mentioned how Ghanaian fintech companies were developing ‘super apps’ as a prime example of the transformative shift.
Regarding regulatory compliance, Mr Aduansere emphasised Fidelity Bank's unwavering commitment to upholding the highest standards through continuous engagement with regulators.
He commended regulators for creating an environment conducive to innovation and expressed optimism for further regulatory support.
Mr Aduansere also stressed the need for industry players to collaborate closely with regulators, stating, "We must work together with the regulator to ensure their involvement in our digital innovation efforts."
He further advocated for a balanced approach that encourages innovation while safeguarding customer interests.
Mr Aduansere reaffirmed Fidelity Bank's commitment to innovation, collaboration and regulatory compliance.
He said as the financial industry transforms, Fidelity Bank takes a leading role, solidifying its position as an innovation leader in the sector, adding that “the bank remains at the forefront of driving a financial revolution in Ghana through its continuous efforts in financial inclusion, digitalisation and innovation.