Paymenex Ghana Money Transfer

FinTech walled gardens, silos and outdated systems

The digital economy poses a huge threat for old-fashioned financial service providers, as large and cumbersome IT systems make it impossible for them to compete with nimbler alternatives.  Many still work in silos with outdated systems which suited the needs of a world over 30 years ago when information was isolated.  This has created unnecessary walled gardens throughout the industry.  Financial service providers with outdated technology face extinction if they don’t step out of their silos and replace information technology legacies with an improved digital ecosystem.

Financial exclusion & high cost of financial services

Over 2 billion of the world’s adults do not have access to basic financial services.  Financial exclusion aggravates poverty and social exclusion, causes family breakdown, and costs more for financial services.  Retail banks usually refuse to serve poor households and micro-enterprises because of the high cost of delivering small transactions, lack of basic requirements for financing, and geographic isolation.  Conversely, customers with access to financial services are closing bank accounts due to dissatisfaction with high fees, accessibility, unavailability, or disappointing customer experience.

Inaccessibility & unavailability of financial services

Customers’ choice of interactions with their banks and financial service providers have moved from a bank branch to remote-channel because of accessibility and convenience. Accessibility and extended hours for financial and banking services availability in the customers’ neighbourhood are the strongest drivers of satisfaction and effective way to improve customer experience. However, financial service providers cannot be expected to open branches in every location due to overhead costs; hence, many people are cut-off from accessing financial services when needed.

See Other Money Transfer Services In Ghana

WorldRemit Money Transfer