Overview
“Technology will be the backbone of financial inclusion, and banks and fintechs will continue to work together to provide these services,” Nana Yaw Owusu Banahene
The future of Africa’s financial system will be driven by cross-border payments, according to Nana Yaw Owusu Banahene, Country Manager of AZA Finance. He emphasized the importance of seamless cross-border payments to facilitate trade and investment opportunities among African nations. To address this challenge, the Pan African Payments Settlement System (PAPSS) was launched in Accra in January 2022, aiming to enable financial transactions across Africa and support the African Continental Free Trade Agreement (AfCFTA). Mr Banahene expressed optimism about additional payment rails complementing PAPSS in the near future to meet the growing demand for cross-border transactions.
Furthermore, he stressed the significance of proper credit analysis and the involvement of the diaspora in achieving financial inclusion. He highlighted the potential contribution of the diaspora through remittances and investments to the growth of the economy. Mr Banahene emphasized the role of technology in reaching everyone and expanding financial services, stating that technology would be the backbone of financial inclusion. He mentioned the collaboration between banks and fintechs in leveraging technology to provide services such as digital loans and extending financial services to rural areas.
