An official of telecommunication giant MTN has called for strong partnerships between financial institutions and financial technology (fintech) companies to build a robust fintech ecosystem.
Shaibu Haruna, Chief Executive Officer (CEO) of Mobile Money Limited, a subsidiary of MTN Ghana, made this call during a panel discussion at the 3i Africa Summit in the Ghanaian capital of Accra on Tuesday
The theme of the discussion was, “Banking and Fintech Interactions: Balancing Innovation Risks and Inclusion.”
Haruna said it would be more beneficial if stakeholders in the financial sector collaborate rather than compete, adding that cooperation would build trust among the stakeholders, who would work together to serve the needs clients better.
He said, “Mobile Money has been around for 15 years. When we began there was some resistance, but it has moved to acceptance. At the core of our success are the banks.”
“There is an interplay between the bank and the other parties. We have built a good business from a transactional point of view but there is still an opportunity to do more. We are exploring innovative ways to provide clients with credit,” Haruna added.
The MTN Mobile Money CEO emphasised that all the key players in the financial industry need to view one another as partners, with the common goal of providing better services to their clients.
He added that this collaboration needs trust to be nurtured and can only be built when all stakeholders understand the objectives.
“We should let go of the competition mindset and explore innovative ways to partner and collaborate to deliver value to our clients,” Haruna added.
Mobile Money Limited is committed to collaborating with finTechs to create a smooth customer experience. I am grateful to the organisers of this programme for bringing all stakeholders together to have the necessary discussions. At Mobile Money Limited we are very open to collaboration, added the CEO, inviting all fintechs to join hands with to create this strong ecosystem.
“The goal is to see our customers have a seamless experience across all our platforms,” he stated.
Other speakers on the panel include Valentine Obi, the Founder and CEO of e-Transact Group, Corine Mbiaketcha Nana, Member of PAPSS Management Board, Afreximbank and Romeo Bugyei, CEO of IT Consortium Ghana.
The 3i Africa Summit is a global event organised by the Bank of Ghana and the Development Bank Ghana, with support from the Monetary Authority of Singapore.
The summit focused on transforming Africa’s economic landscape through sustainable, long-term capital allocation. It also addressed the critical need for a sustainable growth framework in Africa, emphasizing inclusion and sustainability at its core.