Huawei last Thursday delivered its position on the Ghana Chamber of Telecommunications’ 2023 Mobile Technology for Development (MT4D) Conference dubbed, “Driving Digital Inclusion In The Real Economy” with its FinTech 2.0 Solution.
At the event, held at the Kempinski Hotel in Accra, Lee Maina, Head of FinTech, Huawei Southern Africa Region said, Huawei is a Global Leader in FinTech Solutions with insight on current trends in Ghana, Kenya and other Sub-Saharan countries.
He said in these countries, inclusion has heavily been driven by mobile money and its reach to the unserved and underserved, believes that: “It’s the ideal time to expand FinTech from being ubiquitous to a tool used in deepening financial inclusion to help drive value for the real economy.”
According to Mr Maina, the Mobile FinTech space is entering a new phase where customer data is becoming more critical in the endeavour to authenticate, offer the most suitable services and in carrying out more precise credit assessments.
“This is no longer those “nice to have” approaches but a vital cog in retaining and gaining market share in an ever-crowding industry where even new entrants are challenging established incumbents.”
In the race for ownership of the customers’ mind share, we believe the winners will be the ones that will have the most valuable, relevant, holistic and authenticated body of data that enables them to offer the most suitable services to customers, at the most suitable time and at user-specific pricing.
For us to generate this rich data that’s scattered across different sectors, platforms and players, there is the need for concerted efforts from all stakeholders not only in bringing everyone online but also in collapsing our approach to technology from Silo base to layer based where information is easily shared.
Huawei’s FinTech 2.0 seeks to bridge this gap created by fragmentation by bringing this layered approach not just to FinTech Technology but also to the upselling of ideal services where the personalized proposition for each user deepens based on our understanding of each customer’s habits and needs.
As a world-leading ICT enterprise, our vision and mission are to bring digital to every person, home and organization for a fully connected and intelligent world.
With Fintech 2.0, we continue to invest heavily in FinTech research and innovation, supporting players in the FinTech space to create end-to-end solutions that will bring the value chains online, basically seeking to solve some of the persistent problems they may be having beyond payments.
That way, we remove any lethargies to adoption extending their resilience, ultimately generating the required data to extend services and drive localised innovation and ensuring efficient deployment of capital and resources.
For the Ghanaian market, Huawei has deployed its Finance and payments cloud as part of its Fintech 2.0 strategy which boasts microloan, buy now pay later, shoppers’ loans, overdrafts, savings, super apps with mini-apps etc. allowing FinTechs in Ghana to enjoy them on SAAS (Software As A Service) mode with minimal investment whiles offering them the flexibility to localise the solutions and utilise the local developer ecosystem for scale & support via a low code/no code developer platform.
Its estimated that Ghana has over 20K developers and the local universities add approximately 1K new developers into the job market annually.
It’s not viable to absorb all these talents in the current job environment nor will all the surplus have an equal stab at entrepreneurship, it is, therefore, prudent to devise a sustainable way to accommodate them into our FinTech strategy and ecosystem and they will play a vital role not only in scaling our services to the longtail customer segments but also in driving local innovations.
Huawei’s Low code/no code developer solution empowers FinTechs to achieve this vision.
“We have deployed our FinTech in more than 40 sites globally which is currently serving more than 400M customers, so It’s not just Technology but our ability to package all these best practice learnings from other successful sites and bring that success DNA to your project to ensure faster time to revenue.
“Huawei seeks partnerships in Ghana with like-minded organizations to deepen financial inclusion”, Mr Lee Maina said.
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