Fidelity Bank, Ghana’s largest privately-owned bank, is poised to spearhead a financial innovation revolution in the Ghanaian banking and finance sector.
This dynamic vision was unveiled at the recently concluded Africa Tech Summit 2023, where Kwame Aduansere, Head of Digital and Innovation at Fidelity Bank, shared insightful perspectives on the future of digital financial services and the significant strides Fidelity Bank is taking in collaboration with businesses and individuals to transform the financial landscape in Ghana.
The Africa Tech Summit 2023, a gathering of influential financial experts from 23 countries, took place on October 3rd and 4th at the Movenpick Ambassador Hotel. Its primary objective was to bridge the gap between fintech and traditional finance, with the ambitious aim of revolutionizing the African financial landscape.
During a panel discussion titled “The Future of Digital Financial Services,” Kwame Aduansere, a seasoned expert in the field, shed light on the evolving landscape of financial technology (FinTech) and its profound impact on traditional banking. Aduansere highlighted the trend towards fintech companies re-bundling financial services, resulting in embedded finance. He also explored 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 remarked. Aduansere cited Ghanaian fintech companies developing super apps as a prime example of this transformative shift.
Aduansere underscored the vital importance of collaboration between traditional financial institutions and fintech companies to unlock innovative financial products that benefit all stakeholders. He pointed to Fidelity Bank’s successful partnership with MTN, resulting in the introduction of “Yello Save,” a savings product on MTN’s mobile money platform, as an exemplary case of such collaboration.
Regarding regulatory compliance, Aduansere emphasized 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.
He 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.” Aduansere advocated for a balanced approach that encourages innovation while safeguarding customer interests.
Fidelity Bank’s steadfast dedication to innovation is evident through its active participation in the Bank of Ghana’s central bank digital currency pilot program. The bank continuously pushes boundaries by offering cutting-edge solutions, including the versatile Fidelity Mobile App, which empowers customers with a wide range of financial services at their fingertips. Additionally, the pioneering use of Kukua, Fidelity’s 24/7 WhatsApp Banking Assistant, underscores the bank’s commitment to enhancing customer experience and convenience.
Kwame Aduansere’s insights at the Africa Tech Summit 2023 reaffirm Fidelity Bank’s commitment to innovation, collaboration, and regulatory compliance. As the financial industry undergoes transformation, Fidelity Bank takes a leading role, solidifying its position as an innovation leader in the sector. The bank remains at the forefront of driving a financial revolution in Ghana through its continuous efforts in financial inclusion, digitalization, and innovation.