Prudential Bank Limited has called for simpler and more accessible technology solutions to accelerate financial inclusion across Africa.
The Bank made the appeal at the 25th Connected Banking Summit and Excellence Awards West Africa, where its senior officials participated as subject matter resource persons in high-level industry discussions.
Speaking on an executive leadership panel on the theme “Financial Inclusion 3.0: Data-Driven Models & Digital Access,” Acting Managing Director, Ebow Quayson, stressed that financial inclusion must extend to the very bottom of the pyramid, particularly vulnerable groups traditionally excluded from formal banking.
He argued that technology designed to drive inclusion should be functional and affordable rather than sophisticated and expensive.
Citing global trends, Mr Quayson referenced initiatives such as MTN South Africa’s 2025 programme, which offered more than 1.2 million prepaid customers affordable 4G smartphones at prices starting from USD 6.14 to promote digital inclusion. He noted that access to digital and financial services should not depend on high-end devices.
“You do not need an iPhone 16 or a Samsung S25, which are relatively expensive, to be included in the digital and financial inclusion platform,” he said.
According to him, even a basic smartphone or a 2G-enabled device should allow users to access financial products.
“That is where simplicity comes in. Something functional and widely accessible on the market will ensure that even people in remote villages can access digital financial services,” he added.
Mr Quayson highlighted the critical role of mobile technology in expanding access to financial services, noting that mobile money and digital banking are reshaping the financial landscape and reducing reliance on traditional channels such as ATMs and branch-based services. He said these developments are improving efficiency and broadening financial access.
On regional integration, he underscored the importance of interoperability in enabling seamless cross-border payments. He cited platforms such as the Pan-African Payment and Settlement System (PAPSS) as key drivers of intra-African trade.
“Interoperable systems make cross-border transactions faster and more affordable. Expanding these platforms across the continent will drive regional economic growth,” he said.
The panel also examined the role of technology in transforming agriculture and rural banking. Mr Quayson referenced platforms such as Esoko and AgroCenta, which connect farmers to wholesalers and distributors, provide weather updates, and offer guidance on planting and harvesting periods.
He noted that data generated from such platforms could support lending decisions by enabling financial institutions to better understand farmers’ operations and assess creditworthiness more accurately.
The summit brought together financial institutions, technology providers, and industry leaders to explore the future of banking and digital finance in West Africa.
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Source: www.myjoyonline.com