Banks and financial technology companies (Fintechs) are leveraging digitalisation to provide tailored solutions that support the growth and sustainability of Small and Medium-sized Enterprises (SMEs) in Ghana.
This includes the use of digital loan application systems, fast and reliable payment, and money transfer services such as mobile money interoperability, and online business advisory services.
These developments were highlighted during the second edition of the Consolidated Bank Ghana (CBG) ‘Thought Leadership’ series, themed “Harnessing Emerging Technologies for SME Growth.”
The event, attended by stakeholders from the banking sector, telecommunications, financial technology, regulatory institutions, and policymakers, emphasized the need for stronger partnerships to help SMEs fully benefit from digitalisation.
As digitalisation continues to expand, it played a pivotal role in enhancing operational efficiency, improving access to digital financial services, and enriching the overall customer experience.
Mr. Daniel Wilson Addo, the Managing Director of CBG, said that SMEs, which made up 80 percent of all businesses, were the backbone of many economies.
He emphasized that connecting SMEs to digital innovations would be key to ensuring their long-term sustainability.
Recognizing the transformative potential of digitalisation for growth and sustainability, Mr. Addo reaffirmed the bank’s commitment to empowering SMEs by providing accessible, convenient, and efficient digital channels.
He said the bank’s Point of Sale (PoS) systems and mobile money solutions provide SMEs with efficient methods for processing sales transactions and managing cash flow.
“As a bank with focus on SME, we understand the importance of turnaround time to our customers.
“By implementing a Loan Origination Software (LOS) and seamless access to the credit reference bureaus, CBG has undoubtedly increased the volumes and quality of loans processed compared to the more cumbersome manual processing of loans.
“So, it is important that from the policy point of view, we focus on helping, particularly SMEs and assisting them to grow by creating an environment that fosters innovation and allows them to leverage the latest technologies to expand,” he said.
Mr. Addo explained that the purpose of the forum was to bring together SMEs and explore how CBG, along with regulatory institutions, Fintechs, and policymakers, could support them in leveraging digitalisation to ensure their long-term sustainability.
Mr. Leo Skarlatos, the Chief Executive Officer (CEO) of AT, emphasized that the approach to digitalisation should focus on strengthening partnerships to foster innovations that enhance customer and partner engagement, driving mutual growth and success.
He noted that Artificial Intelligence (AI) was playing a key role in empowering banks and telecom companies to collect data, which helps them assess the creditworthiness of both individuals and SMEs.
“For SMEs, clearly, digitalisation is the way to go, and we should start looking at what we can do when we digitalise this country properly, and how we can use this data throughout Africa, and the global market.
“At our company, we provide a lot of connectivity to that and as we look into the future, it’s all about connecting all available information and putting it together into usable manageable data chunks,” he said.
Ms. Tawa Bolarin, Director of Enterprise Business and Wholesale at Telecel Ghana, said digitalisation could create a platform for SMEs to engage with their customers in real-time, allowing them to address customer needs promptly.
She explained that her company had been using digital tools to foster a supportive environment for e-commerce and provide SMEs with access to online business advisory services.
Through their Women in Business (WIB) initiative, Telecel Ghana was also facilitating business-to-business networking, promoting the sharing of insights on digital customer service, and supporting the sustainable growth of SMEs.
Ms. Bolarin called for increased collaboration between SMEs and various stakeholders, including regulatory institutions, Fintechs, and policymakers, to drive further digitalisation in the sector.
