Mr. Tara Squire and Prof. Peter Quartey seal the partnership with a handshake after signing the landmark agreement to advance financial inclusion through research and innovation.
ReFinD and Ecobank Ghana have signed a groundbreaking agreement to advance financial inclusion through research-driven enhancements to agent banking operations. This strategic partnership combines ReFinD’s research funding, ISSER’s academic expertise, and Ecobank’s extensive retail network to analyze and improve the sustainability and effectiveness of agent banking across multiple African regions.
"This engagement with Ecobank to expand the retail distribution network through research and commercial solutions is very important to us," said Professor Peter Quartey, Director of ISSER. “They are the pacesetters in this regard, and their commitment to formalizing this partnership demonstrates their dedication to achieving impactful results.”
Leveraging Research for Enhanced Service Delivery
With thousands of agents across Ghana and operations in 33 African markets, Ecobank seeks to leverage ISSER's research capabilities to enhance their service delivery and impact.
"We're one of the foremost banks when it comes to agency banking, which enables us to bring banking services to the doorstep of Ghanaians. This research will help us understand better how we could improve the channel to serve the customer better," explained Tara Squire, Regional and Consumer Head at Ecobank Group.
The research initiative will delve into market complexities, addressing critical challenges such as dormancy issues, customer uptake, and the role of agents in promoting financial literacy and SME development. This comprehensive approach aims to create sustainable solutions for both service providers and end-users.
Building on Years of Experience
The timing of this partnership is particularly significant, as highlighted by Jacqueline Mpare, Head of Agency Banking at Ecobank Group. "After over six years of operations across 30 affiliates, it's time to step back and engage agents and customers through proper academic research. This collaboration allows us to derive insights that will move the business forward for every stakeholder, including agents, SMEs, and customers."
Mpare emphasized the transformative potential of this research-driven approach: "When we have insights and empirical evidence, we will be able to make informed strategic decisions, know how to move our business forward."
Under the agreement, ISSER, under its flagship grants-awarding ReFinD research initiative, will spearhead the research design and implementation, ensuring rigorous academic standards and comprehensive analysis. Ecobank will contribute by providing essential data, technical expertise, and access to their extensive network of banking agents.
The partnership embodies a commitment to creating a more robust digital finance ecosystem that enhances financial inclusion and improves livelihoods across Ghana, promising to deliver evidence-based solutions that could transform how financial services reach underserved communities throughout the continent.
The agreement was signed on December 19 at ISSER, with George Ofori, Senior Legal Officer, Ecobank Ghana, and Edith Pratt, Head of Agency Banking, Ecobank Ghana, in attendance alongside ISSER faculty and staff. Mr. Kwame Oppong, Head of Fintech and Innovation at Bank of Ghana and ReFinD Policy Committee Member, joined the ceremony virtually.