United Bank for Africa (UBA) Ghana says branchless banking holds the key to unlocking the potential of the financial services industry on the continent.
UBA Ghana managing director and chief executive officer, Oliver Alawuba, said he sees branchless banking as the future of banking in Ghana and Africa, as he says customers should be empowered through the provision of several options to access financial services.
To translate the branchless dream into reality, he said that UBA had already commenced the operation of a branchless banking model titled the Accra Mall E-Village.
This is the only purely cashless service outlet in Ghana that provides numerous services such as bill payments and liquidation of funds transfer on cards, he explained.
Alawuba said, “Branchless banking offers many value propositions for both the banked and the un-banked including financial inclusion, convenience and security.”
Branchless banking also provides the low-income majority in the rural and urban areas access to the banking system without the hurdle of opening bank accounts.
Similarly, branchless banking extends banking facilities to untapped/un-banked areas through the use of low cost outlets and mobile banking channels, Alawuba stated.
Alawuba said UBA as pacesetter in electronic banking introduced the cardless ATM withdrawal service which allows a third party to withdraw cash on its ATM without a card.
The breakthrough innovation in the banking sector was part of three ATM Value Added Services, which the bank rolled out to provide convenience for the bank’s customers, Alawuba added.
Apart from the cardless ATM withdrawal, the MD revealed that the value added service allows customers of the bank to pay their bills, DSTV subscription fees and also purchase mobile recharge credit on their phones.
They also need to bridge the gap between the banked and the under-banked with the right channel strategy that gives the customer greater flexibility in accessing basic banking services, the UBA Ghana boss noted.
Alawuba also said for a bank to continue to be relevant and appealing to the un-banked and under-banked population for greater financial inclusion, it must be able to provide the customer with multiple channels and innovative products that meet their lifestyles.
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