Banks Forcefully Driving Tech Agenda – CIB President

The President of the Chartered Institute of Bankers (CIB) Ghana, Madam Patricia Sappor, has said that banks are forcefully driving their digital products and service to support the government move the economy from a cash-based system into one that is near cashless or at least, cash-lite.

She stressed that whilst banks are partnering with fintech and other technological entities to develop more convenient and user-friendly digital platforms to promote their operations, concurrently, they are also encouraging clients to jump onto the digital train with the use of the digital channels such as mobile apps, USSDs, internet banking, ATMs to enhance banking transactions among others.

“One of the key impacts of the current pandemic is the emphasis on social/physical distancing and contactless payment options. The situation presents financial institutions with the opportunity for digital transformation both at the front and back-office levels,” she said, adding that if banks would undertake this initiative effectively, it could result in inefficient service delivery, quicker turn-around time and enhance the overall service experience for bank clients.

Mrs Sappor, was speaking on the theme “Effects of COVID-19 on Corporate Ghana- the Banking Sector- Part 1,” which forms part of a series of webinars organised by Krif Media Limited, publishers of Integrity Magazine.

Former Deputy Managing Director of Prudential Bank, Madam Mary Brown, in her speech, suggested that banks must establish a Special Credit Coordinating Room that will be responsible for selling and operationalizing the bank’s credit strategy in response to the challenges. This coordinating room, she said, will ensure a consistent and coherent response across all aspects of the bank’s lending operating model.

Deputy CEO of Ghana Association of Bankers, Mr John Awuah, pointed out that credit expansion to productive sectors such as the manufacturing and SME financing, banks investing heavily to promote fintech’ capabilities, government introducing policy initiatives to redirect the trajectory of credit expansion and the banking regulator proactively balancing the need for regulatory prudence and inertia post-COVID-19 would revive the economy faster.

 

He emphasized that banks have a duty to anchor the economy by cautiously continuing with credit expansion to productive sectors among others.

Mr Kennedy Okosun, the Publisher and Editor-in-Chief of the Integrity Magazine (the organizers of the Webinar Series) discussed the need for stakeholders to find out how banks and other financial institutions in Ghana can better protect themselves from the harsh impacts of the lockdown and still play their crucial role of being the engine of growth despite the impact of the COVID-19 on most businesses in the country.

Rev. Okosun also said that through these webinars being organized by Integrity Magazine, solutions will be proposed as to the way forward for policymakers and industry players to minimise the biting consequences of the Coronavirus on Corporate Ghana.

Some of the other speakers include Head of Banking Supervision, BoG, Mr Osei Gyasi; CEO of Zenith Bank Ghana, Mr Akin A. Ogunranti and Deputy CEO of Ghana Association of Bankers, Mr Abiola Bawuah.

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