The Chief Executive Officer of Beige Capital Mike Nyinaku has maintained that even though technology may influence financial transactions in the future, human interaction will still play a key role in driving financial inclusion in Ghana.
According to him, the growth of technology such as mobile money will rather complement efforts aimed at enhancing financial intermediation with speed.
Speaking to Citi Business News, Mr. Nyinaku stated that with the level of financial needs required in Ghana, face-to-face financial transaction will be important to promote economic activities.
“Financial inclusion is going to be driven by relationships, technology yes, but technology only enables the platform. You cannot eliminate the face-to face exchange in financial intermediation and also the level of need,” he explained.
His assertion follows recent analysis by some financial watchers that the phase of banking and financial transactions in Ghana will be overtaken totally by technology.
He pointed out that Ghana’s economic setting requires personal relationship to drive the level of financial expansion needed for infrastructure development.
“The level of financial service you require will tell whether you will be served by technology or by a person. So at the core core retail transaction happening process, there will be more technology but at higher level corporate business you still need people,” he said.
Touching on expansion of Mobile Money services, Mr. Nyinaku noted that the service complements the works of the banking sector and not compete with it.
“I don’t think the banks are showing panics about the expansion and upsurge of the use of Mobile Money. My belief which is fact is that Mobile Money is not in competition with the banks, or Mobile Money is not going to take the space of traditional banks,” he stressed.
He maintained that Mobile Money is a transaction process enabler; hence banks should rather catch on to the platform to roll out innovative services.
He added that at the retail level, banks can always join the Mobile Money platform to reach the huge unbanked population.
By: Lawrence Segbefia/citibusinessnews.com/Ghana