Huawei’s FinTech 2.0 to Support Ghana’s Mobile Money, Deepens Financial Inclusion

Huawei last Thursday delivered its position at the Ghana Chamber of Telecommunications’ 2023 Mobile Technology for Development (MT4D) conference called “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 South Africa Region, said Huawei is a global leader in FinTech solutions with insight into current trends in Ghana, Kenya and other sub-Saharan countries .

He said that in these countries, inclusion has been largely driven by mobile money and its reach to the unserved and underserved, believes that: “It is the ideal time to expand FinTech from being ubiquitous to a tool used to deepen financial inclusion to help create 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 attempt to authenticate, offer the most suitable services and to perform more precise credit assessments.

“These are no longer the ‘nice to have’ approaches, but an important cog to retain and gain market share in an increasingly crowded industry where even new entrants are challenging established players.”

In the race for ownership of customer mindshare, we believe that the winners will be those who will have the most valuable, relevant, holistic and authenticated amount of data that will enable them to offer the most appropriate services to customers, at most. suitable time and at user-specific prices.

For us to be able to generate this rich data that is spread across different sectors, platforms and actors, there is a need for joint efforts from all stakeholders, not only to bring everyone online, but also to collapse our approach to technology from Silo-based 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 only to FinTech technology, but also to the upselling of ideal services where the personalized offer for each user is deepened based on our understanding of each customer’s habits and needs.

As a world-leading ICT company, our vision and mission is 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 trying to solve some of the persistent problems they can have. beyond payments.

In doing so, we remove any inertia to use and expand their resilience, ultimately generating the necessary data to expand services and drive local innovation and ensure efficient distribution of capital and resources.

For the Ghanaian market, Huawei has deployed its finance and payment cloud as part of its Fintech 2.0 strategy, which boasts microloans, buy now, pay later, buyer’s loans, overdraft, savings, super apps with mini apps, etc. so that FinTechs in Ghana can enjoy them in SAAS (Software As A Service) mode with minimal investment while giving them the flexibility to localize the solutions and leverage the local developer ecosystem for scaling and support via a low code/no code developer platform.

It is estimated that Ghana has over 20,000 developers and the local universities add approximately 1,000 new developers to the job market annually.

It is not viable to absorb all these talents in the current working environment, nor will all the surplus have the same degree of entrepreneurship, it is therefore wise to find a sustainable way to fit them into our FinTech strategy and ecosystem, and they will play an important 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’ve deployed our FinTech in more than 40 sites globally currently serving more than 400 million customers, so it’s not just technology, but our ability to package all these best practice learnings from other successful sites and bring the DNA of success to your project to ensure faster time to income.

“Huawei is seeking partnerships in Ghana with like-minded organizations to deepen financial inclusion,” Lee Maina said.

DISCLAIMER: The views, comments, opinions, contributions and statements of readers and contributors on this platform do not necessarily represent the views or policies of Multimedia Group Limited.