The CEO Of Mobile Money Limited Promotes More Trust To Spur Financial Innovation.

In order to support financial innovation and economic progress, Mobile Money Limited Ghana’s Chief Executive Officer, Shaibu Haruna, has emphasized the significance of developing stronger relationships and trust between banks, fintech’s, and mobile money providers.

He refuted common assumptions by highlighting the historical cooperation between banks, Fintech’s, and mobile money providers and emphasizing how important it is for them to cooperate in order to grow the financial ecosystem.

Imagine today’s world without innovation and the positive effects that mobile money is having on the economy. You could not even begin to imagine that in the modern day. However, to bring everything together to promote the ecosystem’s growth, we have had to collaborate with all of our partners—banks and fintechs, in particular.

“We are at a point where we can drive this by strengthening our relationship and making sure that moving forward, there is a trustworthy relationship with a shared vision around the purpose of why we are doing all of this,” he said.

During the 3i Africa Summit, which brought together influential figures from the financial, investment, policy-regulatory, and digital technology domains in Africa, he made this statement in an interview with the B&FT on the subject of “Banking and FinTech Intersection: Balancing Innovation, Risks, and Inclusion.”

With over 489 million mobile phone users in Africa today and over 700 million predicted by 2030, mobile technology has the ability to accelerate fintech and the finance ecosystem.

Moderately accepting risks

Recognizing the issues with risk management in the context of fast expansion, Mr. Haruna promoted cautious risk-taking within legal constraints.

He underlined how important self-regulation and compliance are to maintaining both long-term corporate operations and customer safety.

“As businesspeople, we must assume some risk, but it must be calculated risk that stays within the bounds of compliance and legislation. Compliance is a critical component of your work as a financial industry operator. In order to safeguard customers and maintain a viable corporate operation, this is necessary. You have to maintain your balance as a non-starter.

As much as following the standards is necessary, self-regulation and raising the bar above what the regulations require are much more crucial. Our working environment is quite dynamic, so you have to continuously evaluate it to see what you can do to guarantee that the risk is kept to a minimum,” he said.

He emphasizes the necessity of strategic collaborations to spur growth and innovation, taking into account the world’s largest IT companies, and adds that developing deeper trust is also necessary to fully realize the potential of the continent’s digital economy.

In order to provide value to customers, he also emphasized MTN’s role as a platform that fosters cooperation, offers a reliable infrastructure for transactions, and incentivizes banks and fintech’s to participate.

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