Fintech industry experts at this year’s MoMo Fintech Stakeholders Forum have confirmed that trust and cooperation among fintech ecosystem players are key to advancing financial inclusion and ensuring a secure and effective financial environment.
Organized by MTN Mobile Money Limited and held at the Labadi Beach Hotel in Accra, the forum, which brought together key figures in the financial technology sector, centred on the theme “Building Trust and Cooperation Among Stakeholders; How to Maximize the Impact of Emerging Technologies for the Promotion of Financial Inclusion.”
Martha Acquaye, Head of Digital and Inclusive Banking at CalBank Plc, highlighted the pivotal role of these elements in driving progress. She stressed that “when surrounded by experts who share the same vision, cooperation becomes a powerful catalyst for progress.”
Acquaye reflected on the significant growth in financial inclusion rates—from 41% in 2010 to 96% today—as a testament to the collective efforts of banks, payment providers, and customers. She emphasized that maintaining trust requires timely resolution of customer issues, as unmet expectations can quickly undermine the trust that has been established.
The Chief Technical Officer at IT Consortium, Ebow Anamuah-Mensah supported this view by discussing the importance of trustworthiness in service aggregation.
He noted that as an aggregator, a company must uphold the quality and reliability of not just its products but also those of its partners. “Trustworthiness is crucial in this scenario, as you’re essentially vouching for the quality and reliability of someone else’s offerings,” Anamuah-Mensah explained.
He emphasized that building a reputation that extends beyond one’s own services to encompass the entire ecosystem is essential for fostering security and confidence among customers.
Gillian Darko, Chief Staff and Director of Strategy at Yellow Card highlighted the potential of emerging technologies to drive financial inclusion across Africa.
She pointed out that “by 2050, Africa will have the fastest-growing population, with one in four people on the planet being African.”
Gillian inidcated the opportunities presented by this demographic shift, particularly within the mobile ecosystem, which is expected to make a substantial contribution to Africa’s GDP.
She called for innovative products that address the needs of Africa’s growing, tech-savvy population, emphasizing that financial inclusion can be significantly enhanced through new technologies.
On her part, the Group Head of Commercial at Nsano, Priscilla Hazel, shared insights into the cultural perspectives that influence customer behavior. She recounted how customers in a community preferred not to receive SMS notifications for account transactions due to privacy concerns.
“This was an interesting cultural perspective that we hadn’t considered,” Hazel noted, stressing the importance of understanding and respecting consumer preferences. She also discussed the promise of open banking to revolutionize financial services by enabling customers to control their data and share it with third-party providers, thus fostering more personalized and innovative solutions.
Speaking from the point of the regulator, the Director of Fintech and Innovation at the Bank of Ghana, Kwame Oppong wrapped up the discussion by emphasizing the role of culture in shaping institutional actions and decisions.
He called on fintech ecosystem players to prioritize governance, integrity, and transparency as fundamental to building trust and confidence in the industry.
Oppong not only stressed the need to understand consumer experiences and design interventions that align with their natural behaviours but also advocated for a long-term mindset in creating a sustainable and trustworthy financial ecosystem that benefits all stakeholders.
Head of Digital & Inclusive Banking, CalBank Plc- Martha Acquaye