By Ernest Bako WUBONTO
Ghana’s Fintech operation landscape is on the cusp of a significant transformation with Rev. Prof. Frimpong-Manson taking the helm of chairmanship at eTranzact Ghana Ltd, a leading provider of innovative payment technology solutions.
With his wealth of expertise and a robust network, Prof. Frimpong-Manso is poised to steer the company from a ‘Business to Business’ (B2B) service provider towards a ‘Business to Customer (B2C)’ and ultimately, a ‘Business to All’ (B2A) status, revolutionizing the way businesses and individuals make digital payments in Ghana.
Rev. Prof. Frimpong-Manso’s announcement as the Board Chairman of the premier fintech in the country with a presence in four other countries in Africa and Europe has already sparked a wave of positive curiosity in the industry, a momentum Prof. Frimpong-Manso is optimistic of capitalising, coupled with his creativity, innovative outlook, and charisma to bring about a positive business impact.
In an exclusive interview with the B&FT, Prof. Frimpong-Manso outlined his vision for eTranzact, emphasizing the need to evolve fintechs from a business-to-business (B2B) service provider to a business-to-consumer (B2C) which is the focus of eTranzact now and to ultimately, a Business to All (B2A) giant.
This strategic shift, he said, would provide innovative services to both corporate clients and individual end-users of digital payment products, making eTranzact the go-to choice for all payment options.
“The eTranzact model has been B2B, they preferred to play an intermediary role and support other customer-centric firms in delivering seamless services to the public. And this kind of relationship is built on strong trust, credibility, and a robust platform.
“But this time, we are transitioning from B2B to B2C and even a new one that I coined as a B2A, which is service to all people (Tom, Dick, and Harry). We will reach everybody who is a Ghanaian around the world to do business with us in one way or the other, and soon, eTranzact would become the most visible fintech in the country,” he said.
He added that as the business envisions to move to a B2C realm, it will not neglect the B2B making it a complete 360 service provider.
As a seasoned expert with a proven track record for transforming rural banking in the Ashanti Region and uplifting an insurance company on the brink of collapse to a lead competitor, making a significant impact on the digital payment space with the premier fintech firm is not far from reach.
By embracing new technologies, fostering strategic partnerships, and staying attuned to the evolving needs of its customers, eTranzact is well-positioned to achieve its vision of becoming a business for all service providers.
The Task to Create Change
Rev. Prof. Frimpong-Manso says the decision to join the team and participate in the fintech industry is underpinned by his desire to always take on new challenges and create changes in different industries and organisations backed by visionary people with the desire for success.
“This decision, I see it as a privilege to be part of an institution that seeks to better the welfare of the people. And based on my principles as an individual, I cannot say no to an opportunity to create change and impact.
“The B2C transition agenda would begin with the introduction of Xcel Ghana, mobile app available on Appstore and Play store. This platform, which is designed to serve as a one-stop-shop for all transaction purposes, was built with robust background infrastructure to ensure security, agility, and frictionless options,” he said.
Describing the workforce at eTranzact as the ‘The Winning Team’, he elaborated that the business has a corporate vision to be the leading fintech entity in Ghana and all the other countries it operates in. With his expertise on board, this vision, he said, would be achieved through the deployment of all available resources, technology and human capital available.
“The core values of eTranzact -Security, Transparency, Excellence, Agility, and Motivation (STEAM), tie in with my values as well and this is a good foundation for success,” he said.
Technology deployment
Technological progress and innovation are the linchpins of fintech development and will continue to drive disruptive business models in financial services.
Artificial Intelligence (AI) in fintech stands on the brink of an unprecedented technological evolution. AI in Fintech companies is reshaping customer service, streamlining payment processes, and enhancing the efficiency and growth of financial services.
As the leading Fintech company, eTranzact aims to leverage AI-powered systems, to reshape customer expectations and usher in a new era of personalized, accessible, and efficient financial solutions to the public.
Expanding Customer base
FinTech simplifies financial transactions for consumers or businesses, making them more accessible and generally more affordable. With this new outlook, the brand seeks to expand its customer base beyond banks, rural banks, telecommunication companies, insurance, and state agencies to include students, market women, street hawkers, and every citizen both in rural and urban centres with critical attention to clients’ needs.
“With AI deployment under our robust digital infrastructure systems, we are keen to provide customer-friendly services and products, ahead of the current market status. We listen to customers’ needs and develop the best products that suit them at competitive rates,” he said.
Leadership
Leadership and strong management are essential for any organization that wants to achieve its objectives. On the back of the able management team at eTranzact, Prof. Frimpong-Manso brings his leadership qualities that evolve around the tripartite values -Character, competence, and network, and will play side-by-side to drive growth and innovative impact.
“We will always be innovative and creative, bringing new ideas and challenging ourselves to the limit without compromise on our core values. The leadership here is pragmatic and open to new changes in the digital and business environment to revolutionise operations,” he indicated
Youth and Student-Friendly Initiatives
The youth remain adventurous, and innovative, always looking out for new initiatives that satisfy their needs and wants, which eTranzact is keenly following the trends and researching to deliver tailored products.
The brand is seeking to develop new products targeted at this special group to address their needs, offer value, and grab their loyalty to the brand early.
“We need to also prepare and train the youth for the future, and so we will introduce youth support and skills development initiatives along the line to equip them with needed skills for the industry. This would be complemented by internship opportunities”, Rev. Prof Frimpong-Manso said.
Regulation Framework Robust
Touching on the role of the regulator, the Bank of Ghana (BoG), the new board chair commended the BoG for staying up to date with regulations and setting up a desk purposely for the Fintech industry.
This he believes, would spur innovation and ensure consistent forward-looking approach to make the ecosystem effective to drive innovation.
