Banks Urged to Collaborate With Telcos for Financial Inclusion
Wednesday, October 7, 2015
Outgoing Chief Executive Officer of Ecobank Transnational Incorporated, Albert Essien has called on banks in the country to collaborate with the telecom operators in the mobile money industry to ensure financial inclusion.
Speaking on Joy FM Super Morning Show, Albert Essien noted that the telcos have the numbers and so the way for banks to ensure that more unbanked Ghanaians get into the banking system is for them to work with the telcos instead of competing with them.
"The telcos are disrupters in the banking industry in the positive sense, and they have the numbers so the banks have to collaborate with them especially in the area of consumer banking," he said.
"I think the telcos will turn financial industry and financial intermediation upside down so the banks must see them as partners rather than competitors." Albert Essien's call comes at a time when the Bank of Ghana has issued two new guidelines to govern the mobile money industry in a way that gives telcos some level of autonomy to run their mobile money platforms.