Banks and financial technology companies (Fintechs) are leveraging digitalisation to provide tailored solutions that support the growth and sustainability of Small and Medium-sized Enterprises (SMEs) in Ghana.
This includes the use of digital loan application systems,
fast and reliable payment, and money transfer services such as mobile money
interoperability, and online business advisory services.
These developments were highlighted during the second
edition of the Consolidated Bank Ghana (CBG) 'Thought Leadership' series,
themed "Harnessing Emerging Technologies for SME Growth."
The event, attended by stakeholders from the banking sector,
telecommunications, financial technology, regulatory institutions, and
policymakers, emphasized the need for stronger partnerships to help SMEs fully
benefit from digitalisation.
As digitalisation continues to expand, it played a pivotal
role in enhancing operational efficiency, improving access to digital financial
services, and enriching the overall customer experience.
Mr. Daniel Wilson Addo, the Managing Director of CBG, said
that SMEs, which made up 80 percent of all businesses, were the backbone of
many economies.
He emphasized that connecting SMEs to digital innovations would be key to
ensuring their long-term sustainability. Recognizing the transformative
potential of digitalisation for growth and sustainability,
Mr. Addo reaffirmed the bank's commitment to empowering SMEs
by providing accessible, convenient, and efficient digital channels.
He said the bank's Point of Sale (POS) systems and mobile money solutions
provide SMEs with efficient methods for processing sales transactions and
managing cash flow.
"As a bank with focus on SME, we understand the
importance of turnaround time to our customers.
"By implementing a Loan Origination Software (LOS) and seamless access to
the credit reference bureaus, CBG has undoubtedly increased the volumes and
quality of loans processed compared to the more cumbersome manual processing of
loans.
"So, it is important that from the policy point of
view, we focus on helping, particularly SMEs and assisting them to grow by
creating an environment that fosters innovation and allows them to leverage the
latest technologies to expand," he said.
Mr. Addo explained that the purpose of the forum was to
bring together SMEs and explore how CBG, along with regulatory institutions,
Fintechs, and policymakers, could support them in leveraging digitalisation to
ensure their long- term sustainability.
Mr. Leo Skarlatos, the Chief Executive Officer (CEO) of AT,
emphasized that the approach to digitalisation should focus on strengthening
partnerships to foster innovations that enhance customer and partner
engagement, driving mutual growth and success.
He noted that Artificial Intelligence (AI) was playing a key
role in empowering banks and telecom companies to collect data, which helps
them assess the creditworthiness of both individuals and SMEs.
"For SMEs, clearly, digitalisation is the way to go,
and we should start looking at what we can do when we digitalise this country
properly, and how we can use this data throughout Africa, and the global
market.
"At our company, we provide a lot of connectivity to
that and as we look into the future, it's all about connecting all available
information and putting it together into usable manageable data chunks,"
he said.
Ms. Tawa Bolarin, Director of Enterprise Business and
Wholesale at Telecel Ghana, said digitalisation could create a platform for
SMEs to engage with their customers in real-time, allowing them to address
customer needs promptly.
She explained that her company had been using digital tools to foster a
supportive environment for e-commerce and provide SMEs with access to online
business advisory services.
Through their Women in Business (WIB) initiative, Telecel
Ghana was also facilitating business-to-business networking, promoting the
sharing of insights on digital customer service, and supporting the sustainable
growth of SMEs.
Ms. Bolarin called for increased collaboration between SMEs
and various stakeholders, including regulatory institutions, Fintechs, and
policymakers, to drive further digitalisation in the sector.
Source: GNA