The Group Head of Retail Banking at Access Bank (Ghana) PLC, Matilda Asante-Asiedu, has called for a stronger commitment to digital transformation and fintech collaboration in West Africa’s banking sector. Delivering a keynote, titled “Navigating Tomorrow: Unraveling West Africa’s Banking and FinTech Frontier,” at the 15th Africa Bank 4.0 Summit – West Africa, she emphasized the need for financial institutions to embrace emerging technologies to drive financial inclusion and economic growth.

She told an audience of banking executives, fintech leaders, and industry regulators, that digitalization is reshaping banking across the region. A youthful and rapidly growing population and high mobile phone penetration spurred Digital Banking and FinTech innovations enabling the introduction of financial products designed specifically for mobile use such as microloans, mobile insurance, and savings platforms. With mobile phones becoming the primary device for financial transactions, these products are easily accessible and tailored to the needs of users.

“Today, mobile money remains one of the most widely used financial services in Africa, for instance in 2024, MTN Momo in transaction value reached a record GH₵3trillion, marking a 57.9% increase from the previous year. While for Traditional Banks the Ghana Interbank Settlement (GIS): recorded a 49% increase in transaction values, reaching GH₵3.4trillion in the same year. While both sectors experienced growth, mobile money significantly outpaced traditional banking transactions in terms of total value”.

Matilda emphasized that by leveraging technology, Africa can bridge the financial gap faster and create a banking system that is more inclusive, efficient, and accessible to all.

“According to a recent report by the Boston Consulting Group Africa's fintech industry is on a trajectory of rapid expansion, with revenues projected to reach $65 billion by 2030, driven by demographic trends and technological adoption”

Citing use cases for technology such as AI and Predictive Analytics in Access Bank, Matilda disclosed that salary account holders of the bank, now receive prompts through Robotic Process Automation to take a salary advance whenever their account balances are low.

“We are moving towards an era where AI-powered banking can anticipate customer needs even before they arise. This is the competitive edge that banks must harness to remain relevant, “she said.

While advocating for rapid digitization, Matilda cautioned that the expansion of digital banking should be supported by robust cybersecurity measures and regulatory frameworks. She urged banks and fintech firms to prioritize data security, compliance, and customer data protection to build trust in the financial system, adding that security is non-negotiable as banks push the boundaries of digital finance.

The 15th Africa Bank 4.0 Summit – West Africa is a platform for thought leaders to discuss emerging trends and opportunities within the banking and fintech sectors. The summit reinforces the urgency for West Africa’s financial industry to embrace innovation and digital transformation.