Perry Addo-Quaye, Regional Director at Network International, a leading digital payment solutions provider, is confident WhatsApp banking is the game changer that will present traditional financial institutions the opportunity to improve on financial inclusion and provide services to the underbanked.
He stressed that access to financial services is a critical driver of economic and social development and that WhatsApp banking will play a significant role in spurring commerce and helping African entrepreneurs grow both on the continent and beyond.
According to him, WhatsApp banking will enable businesses and individuals to interact with their banks and manage their finances without going through the usual stresses.
He added that, it will benefit both consumers and businesses as it allows for crucial financial services to be incorporated into a well-known service that people use on a regular basis.
“WhatsApp banking represents a great opportunity for traditional financial institutions to improve financial inclusion and serve the underbanked. WhatsApp banking has the potential to help entrepreneurs in several ways. It makes simple enquiries and transactions easy, but can also be used to manage complex transactions like Forex trading and swift transfers – meeting the varied requirements of entrepreneurs.
Partnerships with technology businesses help these institutions improve their understanding of modern business methods, enabling them to offer innovative new products tailored to local markets such as Ghana,” he said in an interview with the B&FT.
Mr. Addo-Quaye added that in terms of cross-border transactions and payments, WhatsApp banking can be integrated into all forms of payments and channels including cards, wallets, mobile money and bank transfers, saying banks can leverage existing APIs and technology to help roll out these services across borders to suit the needs of their customers.
“Network International is committed to helping businesses and economies prosper by simplifying payments and commerce. Financial markets are recovering across Africa, thanks in part to an accelerated transition towards digital payments during the pandemic, and this presents a brilliant opportunity for us to improve financial inclusion for a diverse range of markets and people,” he said
WhatsApp banking
Announcing WhatsApp banking in collaboration with Infobip to financial institutions in a statement, Network International’s Group Managing Director, Hany Fekry, noted that it will assist financial institutions in providing world-class assistance and seamless services in a personalised, timely, and reliable manner, in addition to assisting them in reaching their clients through a trusted and familiar channel.
