Perry Addo-Quaye, Regional Director at Network
International, a leading digital payment solutions provider, is confident
WhatsApp banking is the game changer that will present traditional financial
institutions the opportunity to improve on financial inclusion and provide
services to the underbanked.
He stressed that access to financial services is
a critical driver of economic and social development and that WhatsApp banking
will play a significant role in spurring commerce and helping African
entrepreneurs grow both on the continent and beyond.
According to him, WhatsApp banking will enable
businesses and individuals to interact with their banks and manage their
finances without going through the usual stresses.
He added that, it will benefit both consumers
and businesses as it allows for crucial financial services to be incorporated
into a well-known service that people use on a regular basis.
“WhatsApp banking represents a great opportunity
for traditional financial institutions to improve financial inclusion and serve
the underbanked. WhatsApp banking has the potential to help entrepreneurs in
several ways. It makes simple enquiries and transactions easy, but can also be
used to manage complex transactions like Forex trading and swift transfers –
meeting the varied requirements of entrepreneurs.
Partnerships with technology businesses help
these institutions improve their understanding of modern business methods,
enabling them to offer innovative new products tailored to local markets such
as Ghana,” he said in an interview with the B&FT.
Mr. Addo-Quaye added that in terms of
cross-border transactions and payments, WhatsApp banking can be integrated into
all forms of payments and channels including cards, wallets, mobile money and
bank transfers, saying banks can leverage existing APIs and technology to help
roll out these services across borders to suit the needs of their customers.
“Network International is committed to helping
businesses and economies prosper by simplifying payments and commerce. Financial
markets are recovering across Africa, thanks in part to an accelerated
transition towards digital payments during the pandemic, and this presents a
brilliant opportunity for us to improve financial inclusion for a diverse range
of markets and people,” he said
WhatsApp banking
Announcing WhatsApp banking in collaboration
with Infobip to financial institutions in a statement, Network International’s
Group Managing Director, Hany Fekry, noted that it will assist financial
institutions in providing world-class assistance and seamless services in a
personalised, timely, and reliable manner, in addition to assisting them in
reaching their clients through a trusted and familiar channel.
Source: thebftonline.com