Africa-Press – Ghana. The adoption of robust digital financial services (DFS) has been identified as a primary driver for enhancing financial inclusion in Ghana.
It has the capacity to provide the unbanked and underbanked with secure, 24-hour access to formal banking systems, according those familiar with the issue.
Experts in the financial sector say that as the global economy evolves, the transition from physical to digital transaction models is no longer optional but a necessity to ensure broader economic participation.
The revelation was made at the Universal Merchant Bank(UMB) launch of its digital service, the UMB SpeedApp which was held in Accra.
Mr. Tubyor Ofei-Agyemang, Head of E-Business at Universal Merchant Bank (UMB), noted during a technical briefing that digital platforms were essential for reaching customers who were increasingly moving away from traditional brick-and-mortar banking.
He emphasised that by creating seamless on-the-go transaction capabilities, financial institutions can accommodate the shifting habits of a population that is becoming more accustomed to digital goods and services.
Mr. Ofei-Agyemang observed that very few people now visited physical branches, making the convenience of mobile applications a key factor in keeping the public engaged within the formal financial sector.
“For digital financial services to effectively drive inclusion, experts say consumer trust in data protection is paramount. To address this, new systems are integrating national identification frameworks directly into their security architecture. “
Despite the implementation of secure protocols like the Ghana Card and biometric verification, the volume and sophistication of digital fraud have continued to climb.
However, Mr. Ofei-Agyemang explained that technical upgrades on the UMB SpeedApp were designed to combat data issues and ensure that the digital space is secure enough for all users.
“New sign-ups require the Ghana Card, which is authenticated through a liveliness test to verify the user’s identity in real-time before they are even able to sign up. The use of biometric verification, such as Face ID and thumbprint technology, acts as a primary layer of security for mobile access,” he said.
Ms. Edem Knight-Tay, Head of Corporate Communications at UMB, indicated that financial tools must evolve alongside customer tastes and feedback.
She noted that modern digital platforms were addressing historical gaps by incorporating self-service features such as password resets and automated standing instructions which previously required a physical presence at a bank.
“This 24/7 availability ensures that financial services are not restricted by traditional banking hours, allowing for continuous integration with mobile money wallets and other digital financial tools,” she said.
She said that digital platforms are becoming the primary point of contact, they are designed to complement rather than replace existing infrastructure.
She noted that a responsive digital presence, including updated websites and 24-hour support centres, ensured that customers remain connected to the financial system at all touch points.
