Fund Management Companies must focus on tech to boost confidence—Databank MD


The CEO of Databank Group, Kojo Addae Mensah stressed the need to focus on technology to leverage the gains realised by the financial sector cleanup.

He was of the view that even though confidence in the investment market dipped in 2019 due to the financial sector cleanup, hope in the system is gradually rising as technology is deployed to assure customers of the safety of their funds.

“I can tell you for a fact that the confidence in the sector is coming back. The regulator did a good job and the pandemic also came to reinforce the need for technology to drive the digital growth. I prefer to see the positive side of the pandemic”.

He was speaking at the maiden Money Summit held in Accra.

Mr. Addae Mensah stated that Fund Management Companies can increase the trust clients have in their operations if they always make funds available for their customers upon request to withdraw.

“I always tell players in the market including competition that when somebody gives you money on Friday and want to withdrawal it on Monday, give it to them. Don’t try to talk the client out of it because they become suspicious”.

Mr. Addae Mensah was part of a panel comprising the Managing Director of the GSE, Mr. Ekow Afedzie, CEO of Africa Sureties and Insurance Advisory Company Ltd, Solomon Lartey as well as the CEO of GLICO Group, Edward Forkuo Kyei.

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