By Suresh K L
Like many other countries in Africa, Ghana’s banking sector is in the midst of its most transformative phase.
The sector has expanded substantially over the last ten years, characterized by branch expansion and increased capitalization as financial institutions move to meet growing demand for consumer banking services across the country.
This is due to the continued economic growth, foreign investment, increasing diversification and a number of large investments in both the private and public sectors in Ghana and across Africa.
New technologies are helping to drive a wave of innovation across the African financial services sector as banks create new and accessible banking channels and take banking services to previously unbanked parts of society.
Banks can now reach customers in remote villages by providing them with a menu of services available on their mobile handsets. In more urban settings, customers can now enjoy new services such as mortgage financing and branchless banking as a result of the growing use of technology. This level of access to financial services was unprecedented just ten years ago.
Introducing new product lines such as mobile banking and mortgage products is pushing banks like ours to become more nimble and technology dependant in order to meet our clients needs more effectively.
Our new data centre, which is housed in the Bank’s headquarters in the Ghanaian capital of Accra, has been designed with innovative advancements in energy-efficient data center management, business continuity and resiliency, as well as security and disaster recovery services.
We could have simply deployed more servers to handle the increased demand we knew would come from the market. Instead, we invested in an end-to-end solution, housed in a state-of-the-art data centre to build a new secure home for our Big Data needs.
We are confident that this new data centre will enable us to meet the continued growth in the Ghanaian banking sector and also put us in a position to better manage our risk, both critical factors as we push forward our agenda to list on the Ghanaian Stock Exchange.