Prudential Bank Limited, a leading indigenous bank, has advocated for simpler, more accessible technology solutions to drive financial inclusion in Africa.
The Bank made the call at the 25th Connected Banking Summit and Excellence Awards West Africa, where its senior officials served as subject matter resource persons in various high-level industry discussions.
Speaking on an executive leadership panel to discuss the theme “Financial Inclusion 3.0: Data-Driven Models & Digital Access,” Acting Managing Director of the Bank, Ebow Quayson, emphasised that financial inclusion must reach the very bottom of the pyramid, particularly vulnerable groups who have traditionally been excluded from formal banking. He argued that technology should be functional and basic rather than fancy and expensive.
“MTN South Africa in 2025 launched a major initiative to offer more than 1.2 million of its prepaid customers affordable 4G smartphones with prices starting from USD 6.14 as part of plans to extend its digital inclusion programme.
So, you do not need an iPhone 16 or a Samsung 25, which are relatively expensive, to be included in the digital and financial inclusion platform.
“This means a low-grade smartphone or a 2G phone should enable the populace to have access to financial products. That is where simplicity comes in. Something functional, something basic, which is widely accessible on the market, will ensure that even people in remote villages can access digital financial services,” he said.
Mr. Quayson highlighted the importance of mobile technology in driving inclusion, noting that mobile money and digital banking are reshaping the financial landscape, reducing dependence on traditional channels such as ATMs and branch-based services. He further noted that these changes are improving efficiency and expanding access to financial services.
He also discussed the importance of compatibility in facilitating seamless cross-border payments, emphasizing the role of platforms such as the Pan-African Payment and Settlement System (PAPSS) as a key enabler 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 explored how technology is transforming agriculture and rural banking, with Mr. Quayson sharing examples of platforms like ESOKO and AGROCENTA that help farmers connect with wholesalers and distributors, access weather information, and receive advice on when to sow and harvest.
He further noted that data collected on these platforms can form the basis for lending decisions by helping financial institutions understand the farmer’s operations and make informed decisions.
The summit, which brought together financial institutions, technology providers, and industry leaders, explored the future of banking in West Africa.
