Ghana’s largest privately-owned financial institution, Constancy Financial institution Ghana has partnered with the Lafferty Group to host the primary 2023 assembly for the Retail Banking Council Africa. The distinguished members-only Council which noticed quite a few displays and panel discussions on the theme, ‘Driving Free Commerce in Africa – How monetary providers can contribute to Digital Commerce’, occurred on 3rdand 4th Might on the Labadi Seashore Lodge in Accra.
The Council assembly introduced collectively distinguished enterprise leaders and lecturers, prime African bankers and funds professionals to deliberate on up to date developments throughout the Banking, Finance and Funds house. The two-Day occasion co-facilitated by the Lafferty Group and Constancy Financial institution Ghana kinds a part of Retail Banking Council Africa’s forward-looking agenda to assist the enlargement of retail banking throughout the continent with a view in the direction of serving individuals and small companies, and in the end serving to to drive free commerce between African international locations.
In attendance on the Council Assembly held in Accra have been officers from the Ministry of Finance, Financial institution of Ghana and the Workplace of Diasporian Affairs on the Presidency, together with illustration from GhIPSS, in addition to C-suite executives from Africa’s prime banks and FinTechs. Discussions and case research arising from the Council theme touched on speaking factors reminiscent of Ghana’s success in driving interoperability between banks and cell cash companies in addition to the continuing success story of Constancy Financial institution Ghana in championing Monetary Inclusion primarily by means of the institution of widespread company banking networks.
In his keynote remarks on the opening day of the Council, Managing Director of Constancy Financial institution, Ghana, Julian Opuni, acknowledged the instrumental position that Banks, Fintechs and different allied companies within the Banking and Finance worth chain play in unearthing the big potential of Africa’s financial system and driving enterprise development throughout the continent. He averred, “The fast proliferation and rising sophistication of digital tech in finance and past, coupled with important shifts in regional and international financial coverage such because the landmark African Continental Free Commerce Space (AfCFTA), counsel that we could also be approaching a watershed second in Africa. This could be Africa’s second to emerge as a potent financial energy on the world stage. Nevertheless, this expectation will stay an alluring dream with no concerted and built-in effort from leaders and stakeholders in key industries reminiscent of ours to leverage on these developments and propel Africa in the direction of the belief of its immense potential.”
Divisional Director of Retail Banking at Constancy Financial institution Ghana, Nana Esi Idun-Arkhurst additionally reiterated these sentiments in her opening submissions on Day 2 of the Council assembly session. She remarked, “It’s from proactive engagements, conversations and bonding actions reminiscent of these Council conferences that highly effective relationships and concepts are activated to grab the enterprise alternatives of at this time and tomorrow, to create significant alternatives for people and small companies, and in the end to remodel the world for the higher. In an period the place digital expertise gives an actual means to circumnavigate long-standing geographical and market boundaries, we’re offered with a novel alternative to collaborate and innovate to increase monetary providers and options throughout Africa and create life-changing alternatives notably for ladies, youth and different marginalised teams.”
Dr Ronan Lynch, director at Lafferty Group, co-hosts of the Council Assembly in Accra additionally asserted that the Retail Banking Council Africa is an extremely dynamic Council and a platform for the propagation of pragmatic banking options for actual individuals. He mentioned, “Banks are working with fintechs and cell cash corporations in Africa in a means that doesn’t occur elsewhere. Cellular pockets use is super. However the actual objectives are to assist extra small and medium companies to do enterprise between African international locations together with the broader worldwide markets. On this respect, the Council’s work may be very sensible: when banks can transfer cash freely with out these funds going by means of New York, London or Paris, that’s going to maintain much more worth domestically and assist native banks and funds companies develop.”
This yr, Retail Banking Council Africa celebrates its ninth yr of supporting the event of retail banking throughout Africa. Established in 2015 by Lafferty Group in affiliation with a core group of African retail banks, the Council has since held conferences in Cape City (South Africa), Nairobi (Kenya), Stellenbosch (South Africa), Lagos (Nigeria), and Port Louis (Mauritius).
For this yr’s council, the Lafferty Group partnered with Constancy Financial institution, a continentally acclaimed innovation chief and pace-setter within the Monetary Inclusion sphere which at the moment enjoys the excellence because the Greatest Financial institution in West Africa from the distinguished African Banker awards. With their mutual dedication in the direction of driving change in Africa and impacting actual lives by means of sensible initiatives and digital innovation, the companions along with different council members stay up for spearheading different joint initiatives to advance intra and inter-continental commerce by harnessing strategic partnerships vis-à-vis the facility of digital expertise.
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