COVID-19 IS A GOOD THING says Banking Executive

  • The outbreak of the coronavirus pandemic is forcing countries to look inward for ideas to grow their economies
  •  The pandemic is reinforcing the Ghana Beyond Aid agenda by the Akufo-Addo administration.
  • Covid-19 has opened our eyes to opportunities that come with technology
  • One of the biggest winners of COVID-19 arrival is video conferencing

 

The COVID-19 is forcing countries to look within to meet the demand of the economy. It is a good thing… it forces us to reinforce the concept of the Ghana Beyond Aid.

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William Boateng, Executive Head Corporate and Enterprise Banking at the Bank of Africa

|Mr William Boateng, Executive Head Corporate and Enterprise Banking at the Bank of Africa has noted that the outbreak of the coronavirus pandemic is forcing countries to look inward for ideas to grow their economies.

In Ghana, he said, the pandemic is reinforcing the Ghana Beyond Aid agenda by the Akufo-Addo administration.

Speaking on Ghana beyond aid in retrospect, President Akufo-Addo signaled his intent to pursue the vision of a Ghana that is not dependent on aid.

This led to the commissioning of the Ghana Beyond Aid Committee to draw up the roadmap for achieving this objective.

What opportunities have emerged since COVID-19

Mr Boateng said, “the COVID-19 is forcing countries to look within to meet the demand of the economy. It is a good thing… it forces us to reinforce the concept of the Ghana Beyond Aid.”

He further said the Bank of Africa is leveraging its global presence to reach customers during this period.

New ways of transacting business to regain trust

He noted that COVID-19 is testing the loyalty of customers towards banks hence the need to adopt new ways of transacting business which include online trade.


“What Covid-19 is doing is teaching us new ways of doing business, opening our eyes to opportunities that come with technology,” he said.

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“Covid-19 is testing the loyalty,” he said, adding that “Testing trust, businesses are worried that the banks are strong. Banks are now shifting from the usual ways of doing things and we are leveraging on our presence across the globe to be able to support our customers.

The negative impact of COVID-19 on the banking industry was also highlighted by Mr Philemon Kwame Ankomah, Chief Information Security Officer with the Bank of Africa

Banks have recorded an escalation in Cybercrime

Mr. Philemon Kwame Ankomah, Chief Information Security Officer with the Bank of Africa, has revealed that some cyber hackers are taking undue advantage of the COVID-19 too defraud people.

He said fraudsters have successfully cloned some ATM cards and withdrew money belonging to depositors of banks especially during the coronavirus period.

Globally, he explained, cybercrime has increased drastically during the COVID-19 because the criminals want to take advantage of the banks and other financial institutions that are adapting to new ways of transacting businesses.

|The report was extrapolated  during a business webinar on the theme:

 ‘Banking in a Covid-19 environment, Dynamics for Corporate, SMEs and Individuals’ organized by the Bank of Africa in partnership with the Chamber of Commerce and Industry (CCI France Ghana, on Thursday, June 25.