“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