Banks that have been slow to adopt digital technologies can still catch up. Prudential Bank's Acting Managing Director, Ebow Quayson, stated this clearly. He believes strategic partnerships with fintech companies are the answer. These collaborations allow banks to quickly build their digital capabilities. Mr. Quayson was speaking at a pan-African banking conference in May 2026. He highlighted how these alliances are essential for scaling up services.
Mr. Quayson explained that partnerships are not just an option anymore. They are the fastest way to grow digital reach. He pointed to Prudential Bank's own experience as proof. Fintech firms helped the bank achieve in months what would have taken years alone. This compressed a significant digital catch-up period. It improved service delivery significantly for customers.
The banking sector in Ghana is increasingly moving online. Customers expect seamless digital services. Banks that started late face a challenge. They need to offer services like mobile money integration and USSD-based payments quickly. Prudential Bank faced this challenge. They lacked direct partnerships with mobile network operators. Instead of building everything from scratch, they partnered with fintech firms. This strategy allowed them to bridge the gap in customer reach and service speed.
According to Mr. Quayson, these partnerships also boost operational efficiency. They speed up transaction processing. They also simplify reconciliation. This makes the bank more competitive. It also helps it respond better to market changes. The leadership at Prudential Bank supported this experimental approach. They made a key decision to find the right fintech partners. This mindset of trust, revenue sharing, and co-creation made the bank more agile.
Successful fintech partnerships are built on trust. They require shared goals and mutual benefits. Mr. Quayson stressed that relationships must be a win-win for all parties. This extends beyond just offering services. It includes joint business development and sharing revenue. Some worry that banks might lose customer ownership to fintechs. Mr. Quayson disagreed with this view. He sees the relationship as complementary. Fintechs provide the technology. The bank remains the main point of contact for the customer.
However, Mr. Quayson also warned about potential risks. Data protection and cybersecurity are critical. Any partnership must meet strict regulatory standards. These standards protect customer information. They also maintain customer trust. He firmly stated that partnerships are not a shortcut. Thorough due diligence is absolutely essential before any agreement.
The conference, themed "Partnerships and Scale: Progress of Fintech & Banking in Africa," brought together many banking leaders. Fintech operators and other decision-makers attended. They shared insights on digital innovation. The Lafferty Retail Banking Council Africa is a private group. It serves as a forum for senior bank executives. They meet to share best practices. This helps drive digital progress in African retail banking. The council was established in 2015 by the Lafferty Group.