The Chief Executive Officer of MobileMoney Limited (MML), Shaibu Haruna, has emphasized the need for collaboration between financial institutions and fintech companies to develop a more robust financial ecosystem.
He made this remark during a panel discussion on “Banking and Fintech interactions: Balancing Innovation Risks and Inclusion” at the 3i Africa Summit held in Accra.
“We should let go of the competitive mindset and explore innovative ways to partner and collaborate to deliver value to our clients,” he strongly stated.
Mr Shaibu Haruna spoke alongside Valentine Obi, the Founder and CEO of e-Transact Group, Corine Mbiaketcha Nana, Member of PAPSS Management Board, Afreximbank and Romeo Bugyei, CEO of IT Consortium Ghana.
The session was moderated Djiba Diallo, Senior Fintech Advisor, Ecobank Transactional Incorporated and was titled “Banking and fintech Intersection: Balancing Innovation, Risks, Inclusion Banking”.
Mr. Haruna urged stakeholders in the financial sector to collaborate rather than compete to build trust and work together to serve clients’ needs better.
He noted that 15 years ago when Mobile Money was first introduced in Ghana, there was some resistance, but now it has been accepted, saying that at the core of its success are the banks.
According to him, on the back of the interplay between banks, telcos and other entities, a good business has been built from a transactional point of view, but there is still an opportunity to do more.
“We are exploring innovative ways to provide clients with credit,” he said.
But beyond innovating in silos, Mr. Haruna said “we need to view each other as collaborators with the common goal of providing better services to our clients”.
In his view, that can only be achieved through trust, nurtured and built on understanding the objectives.
He stated that to accomplish this, there must be a shared understanding of the purpose of making a positive impact on individuals, communities, and businesses.
Mr. Haruna emphasized MobileMoney Limited’s commitment to collaborating with FinTechs to create a smooth customer experience.
“At MobileMoney Limited we are very open to collaboration. We invite all fintechs to come on board and work with us to build the financial ecosystem we are working towards achieving. The goal is to see our customers have a seamless experience across all our platforms,” he said.
In essence, the 3i Africa Summit was designed as a platform for finance, technology/innovation and policy to converge and forge a formidable path towards Africa’s development through seamless trade.
It focused on transforming Africa’s economic landscape through sustainable, long-term capital allocation, addressing the critical need for a sustainable growth framework in Africa, emphasizing inclusion and sustainability at its core.
