ADB MD calls for increased investment in banks’ cybersecurity to protect customers …stresses that digital banking holds the key to sector’s future growth

Managing Director of the Agricultural Development Bank (ADB), Dr. John Kofi Mensah, has urged banks to invest in cyber security to protect customer information and ensure aggressive marketing of mobile technology products.

He observed that digital banking remains a game changer in the banking industry, stressing that ADB remains committed to exploring new products and services which put it ahead of competition to attract more customers. According to him, as more people get access to mobile phones, innovation in technology should also intensify to ensure adequate consumer information dissemination and customer feedback.

Speaking at the Mobile Technology for Development Conference, which came off last week, he averred that mobile telephony subscriptions have outstripped Ghana’s population – with over 40 million subscribers compared to a population of 30 million.

He pointed out that with bank transfers between mobile phones increasingly becoming a reality, mobile banking has become commonplace – with banks continuously choosing mobile platforms for innovative payments models, commerce capabilities, financial inclusion, health and remittances.

He disclosed that at ADB there is a surge in online banking, with about 60 percent of customers signing onto the bank’s mobile banking app and performing their interaction via mobile phones.

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“With the ADB Mobile Banking app or by dialling *767#, a customer can transfer money into other bank accounts, pay utility bills, buy airtime, perform mobile money transfers and perform other personal transactions like checking account balance and also finding the nearest ATM locations.

“The provision of these apps as well as other Mobile Banking platforms has enabled customers to view payments requested by retailers and instruct banks to make the related payments, and create a secure channel that doesn’t necessitate third-party validation or authentication,” he stated.

Mobile technology, he said, has been one of the best innovations in the banking sector, and it promotes flexibility of business transactions, increases speed, reduces costs and shortens processing periods, and reduces the cost of moving money from one place to another.

Dr. Kofi Mensah argued that contrary to popular belief the bank’s business is solely agricultural financing, the ADB also provides digital banking product services which are among the best in the industry. “ADB was the first bank to introduce inward Remittance Services to Ghana through our partners Western Union.

“ADB was also one of the leading banks in the country to introduce ATMs and has supported the Ghana Interbank Payments & Settlement Systems (GhIPSS) in all its new initiatives; from e-zwich to Instant Pay to mention just a few. We have over the years invested substantially in our e-business department to ensure our customers enjoy safe, reliable and convenient Digital Banking Services,” he added.

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The ADB, he said, rolled-out some digital products and services last year for the benefit of its customers – which include web acquiring/e-commerce service, the contactless Visa debit card, and a hybrid/contactless POS Device that accepts Visa cards & mobile money.

The Managing Director stressed that the introduction of all these products and services are aimed at offering customers of the bank best digital banking services for speed, reliability and safety.

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