He said even though there exist some form of collaboration, traditional banks and FinTech operators needed to do more and be deliberate about joining forces to ensure more Ghanaians were onboarded to enjoy seamless financial services in the country.

Mr Quayson was speaking as a panel member at the 15th Africa Bank 4.0 Summit West Africa Edition held in Accra. Participants were drawn from the banking and fintech industry, financial services regulators and other financial services to discuss ways of collaboration to ensure financial inclusion for all.

The Summit also discussed threats to the financial services sector through cybercrimes, identity theft among others and how players could form synergies to avert the same.

The session, labelled the CEO Influencer Panel, also discussed ways of ensuring safety for consumers to lower cyber- attacks and fraud, ensuring trust, transparency and technology for better financial services results.

The Executive Director addressing participants on the theme: "Empowering West Africa's Economic Future: Unleashing Growth through Rapid Digital Inclusion", said FinTechs have a lot of advantages over traditional banks owing to the evolving nature of technology.
He said the financial services sector indicated that the two sectors have a lot to offer if they worked together for the betterment of consumers.

"Traditional banks and neo or new banks have a lot to offer when we work together. Neo banks are not as restricted as traditional banks, and this offers great opportunities for traditional banks to leverage to reach and bring financial inclusion to a lot more Ghanaians," he said.

Mr Quayson said FinTechs through technology were not restricted by brick-and-mortar issues, cost of setting up infrastructure, having to lodge reserves with bank regulators among others. These provide leverage for traditional banks to engage and reach more people.

"I believe in the principle of the three Ts in banking-Trust, Transparency and Technology and consumers are comfortable doing business with establishments who they can trust, are seen to be transparent and amiable to technological advancement,' he said.
He said consumers, however, must take their safety into their own hands to ensure they protect themselves from cybercrime.

"Measures such as not disclosing personal information and constantly educating oneself against cybercrimes are more essential now than ever," he said.