Collaboration Between Banks And Fintechs is the Future of Banking – GCB MD

The Managing Director of GCB Bank PLC, Mr Kofi Adomakoh, has stressed the need for more collaboration between banks and fintechs.

He said fintechs and banks working together, cooperation and collaboration is the future of banking.

Speaking at the Money Summit, organized by the Business and Financial Times (B&FT) in Accra, Mr Adomakoh added that banks and fintechs need to strategize and identify synergies and ultimately scale up.

GCB Bank was a major sponsor of the Summit hosted annually by the B&FT. The plenary session of the Summit was on the theme: From competition to collaboration: How Fintech is shaping the future of finance.”

He was part of a plenary session with his colleague MDs from the various banks and industry experts.

Commenting on a research conducted by Mckinsey & Company suggests, Ghanaian fintech revenues could reach US$18.6billion by 2025 he expressed optimism of attaining such feat.

“That estimate might seem an aggressive number according to Mckinsey and Co’s research, but it’s achievable if we continue to do the right things and implement good policies. There is no shortage of talent, and with the introduction of things such as the Ghana Card and registration of SIM cards, we are moving into a much more organised ecosystem, and this will help us grow,” MD stated.

Mr. Adomakoh in response to a question by the moderator, on the adoption and convention of G-Money, which is the Bank’s mobile service flagship product, Mr Adomakoh pointed out, “The market reaction to G-money has been phenomenal, due to the largest branch network of GCB, G-money has serve a good purpose by bringing banking to the doorsteps of many. However, it faced some challenges due to the introduction of e-levy but that notwithstanding, the figures for new customers rolling unto the service has been very impressive”.

“G-money is bridging the gap for financial inclusion, G-money has played a key role in the cocoa sector and also paid for the remuneration of enumerators for the last population and housing census,” Mr Adomakoh revealed.

To attain longevity and business sustainability for G-money, he hinted G-Money has been separated from the core banking business. This to enable the Mobile Financial Service Office, carry out excellent operations and research since technology will determine the future of banking.

Present at the Summit were Mr Eric Coffie, Chief Digital and Marketing Officer, Mr Abel Daitey Lomotey, Chief Information Officer, Ms Jessie Jacintho, General Legal Counsel, Mr Kofi Osei-Asibey, Executive Business Manager and other officials of the Bank.

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