Mr. Edward Aikins, Head of Vodafone Ghana’s Enterprise Products and Propositions, said this was vital if they were to stay competitive and remain relevant in today’s digital world.
He was addressing a forum held by the Micro-Credit Association (MCAG) in Kumasi.
“Digital finance: the future of Brick and Mortar institutions in the era of technology. The smart ways to survive in a digital world” was the topic chosen for discussion.
Mr. Aikins reminded the institutions of the increasing sophistication and appetite for the use of technology by the people and said it could not continue to be business as usual.
“The playing field has changed, people are embracing technology and there are simple tools for financial institutions to benefit from.”
He cited the platform for disbursement and collection of loans provided through the introduction of mobile money transfer by mobile telecommunications.
He told them that with financial technology, there was ready data for them to access background data of clients and to save operational cost.
Mr. Ebenezer Quartey, Executive Secretary of MCAG, said they were making tremendous contribution to the growth of local enterprises.
He underlined the need for sustained public education to aid Ghanaians to accept digital banking, to catch up with the rest of the world.