Nsano Staff In Focus: Up-Close With Frederick Kofi Amey

Finance is said to be the lifeblood of every business. It is obvious that ‘money management’ has great impact on the survival or otherwise of a business.

Today, we engage our ‘Chief Money Manager’, Frederick Kofi Amey. He is everyone’s friend and no one’s friend 😊. When he is releasing the funds, he is the best. When he is asking the ‘whys’, your guess is as good as ours.

A chartered accountant, tax professional and experienced auditor with diplomas in Forensics Audit and Treasury management, Fred has worked the last decade building knowledge and gathering experiences that have shaped the excellent work he does at Nsano.

In this month’s Staff in Focus, we get to know more about his motivation, his life, work and some fun facts.

Q: What would you say are your personal values?

A: Hard work, Continuous Learning and Integrity

Q: How and where do you find inspiration?

A: God’s word (Bible) and my day-to-day interactions with people. I try to take something from each interaction I have with people.

Q: If you could master one highly valued skill in 3 days, what would that skill be?

A: Programming

Q: What would you say is the highlight of your Finance & Accounting career so far?

A: Becoming Head of Finance at Nsano.

Q: What runs through your mind at the start of each working week?

A: How to optimize the use of Nsano’s finances and figure out ways we can make our money work for us.

Q: Recommend a book to us.

A: The richest man in Babylon” and “The psychology of money”

Q: How do you handle pressure?

A: By stepping back to analyse the situation from different perspectives. I then take a walk while listening to hymns to calm me down and clear my head. These actions always help me to handle situations that seem overwhelming.

Q: If you weren’t in Fintech, which sector would you have been?

A: Education sector – Lecturing (It’s a passion)

Q: Share with us one finance tip for business owners.

A: Do not leave any money idle. Let every amount you have work for you.

Q: If you could have 2 music performers at an event to honor you, who would they be and why?

A:  1. Harmonious Chorale – Because they are able to bring life to my “hymns”.

     2. Kofi Kinaata – He brings the gospel to the world in a contemporary way. He speaks to/for me in some of his songs. His music inspires me.

Q: What do you love most about working at Nsano?

A: The fast-paced environment and the opportunities to grow.

Join us monthly for spotlight on Nsano’s people. Follow us on all our social media handles for exciting updates. 

Ghana’s Escrow Via Mobile Money Service That’s Integral for All Business Transactions

Picture this.

You’ve come across a page on Instagram advertising these dope headphones on sale. The ad catches your attention. You decide to place an order by making payment. The owner confirms and notifies you of their 3-day delivery policy. After three days, you receive a call for directions, followed by the delivery of the headphones. You realize the item is different from what you ordered. You call the seller and it’s needless back and forth. The seller claims the item is the same as the one shown online, only it’s a different color, but you know there’s more to it than that. Eventually, you count it as your loss because the seller won’t budge.

Imagine this as well. You come across an item you have been searching for online. You contact the vendor, make payment because they operate a payment before delivery policy but after paying, the item is never delivered. Your money is gone with the wind.

Also, Imagine this next scenario as a seller. Customer places an order and asks to pay on delivery. A delivery guy is dispatched to customer only to discover that customer is nowhere to be found or unreachable. Sigh!

You may have experienced either one of these or know someone who has, especially in recent times.

When it comes to the exchange of goods and services, especially online, many have expressed grave concerns, and for good reason. Everyone wants their comfort and peace of mind when making a purchase or selling their products. Trading should be a seamless exchange of goods at a value where both parties are content with the exchange process. This is, however, not the case always.

It is for some of these reasons that the use of an escrow service is important in business. With an escrow service, funds are kept in a third-party account and only released when both buyer and seller involved in a transaction meet certain pre-agreed conditions amongst them.

What is an Escrow Service?

An escrow service acts as a middleman between two parties where the money is held or kept with the middleman until a particular condition is met.

Let’s consider a company that sells goods locally or internationally. If the company engages a potential buyer (individual or corporate), the company needs assurance that it will be paid when the goods are delivered and the buyer is satisfied.

The buyer, on the other hand, is only willing to pay for the goods upon seeing the goods and getting the needed satisfaction. In this case both buyer and seller have need for comfort and could do with an escrow service, in which the buyer’s funds are held by a third party. The funds are transferred to the seller when both parties are satisfied with the terms, they agreed to e.g., payment upon delivery. This protects both parties’ interests.

Most escrow services are facilitated by banks or financial institutions. These banks operate an escrow account, particularly for home purchases, and act as a neutral entity that oversees transactions between the client and beneficiary. Clients can deposit funds into the escrow account. However, because of the nature of the transaction, a client may incur high mortgage costs, especially if escrow is used to pay for taxes and insurance. When a customer is making mortgage payments, for example, he or she may be required to make a down payment which may include several thousands and if funded within the loan, can take the buyer years to pay. Escrow fees are high, and banks may have daunting requirements to facilitate such transactions.

To make escrow easily available and affordable to a wider audience, Nsano launched a novel Mobile Money escrow service called Move Secure in Ghana. The service works by keeping money in trust until both the seller and the buyer are satisfied with the transaction. This is a much-needed remedy to re-establish trust between buyers and sellers. The widespread use of Mobile Money for financial transactions fast-tracked by the global COVID-19 pandemic, shows that many Ghanaians preferred their mobile money accounts for deposits, funds transfers, and even payments of goods and services. With 41m registered mobile money accounts, 17.5m of which are active, Move Secure has essentially democratized escrow services.

Beyond its novelty, another exciting feature of Move Secure is its Online Dispute Resolution Centre, where in the event of a disagreement, either party can file a complaint. Here, both parties are given a period to settle the dispute as a first step. If both parties are unable to resolve the dispute, either party may request the services of a mediator to aid in the resolution, after which the payment will be released based on the outcome of the dispute resolution. The services of this Dispute Centre are totally free.

With rising concerns regarding online purchases, particularly heightened when it comes to high-end items, using an escrow service should be a no brainer. Move Secure caters to the needs of a buyer who wants guarantee that their items will be delivered once payment is made, as well as a seller who wants assurance that their goods or services have been paid for before delivery is made.

The advantages of Move Secure are numerous. It provides comfort for both buyers and sellers in the exchange process, enables safe and secure transactions on Mobile Money and builds trust in online and offline commerce.

How Does it Work?

When a buyer pays for an order via Move Secure, a seller gets an SMS confirming that a payment has received on the seller’s behalf and it’s being held in trust by Move Secure.  After a satisfactory delivery, the funds are instantly released to seller. This payment also removes the risk of wasting time or money transporting orders to uninterested customers.

The next time you are paying for an order or selling your goods or service, remember to use Move Secure. To use the service, simply dial *718# and choose option 2 or download the Move App via Play Store or AppStore for all your transactions.

For more details, visit the website – https://movegh.com/secure

Nsano Staff In Focus: Up-Close With Solace Kidisil

“Self-confidence results, first, from exact knowledge; second, the ability to impart that knowledge.” Napoleon Hill

Solace Kidisil typifies this quote. She is a walking encyclopedia. A results-driven Engineer and Project Management Professional, Solace has a deep understanding of Africa’s payment trends and markets. Solace currently leads Nsano’s operations in East and Southern Africa as the Regional Head.

In this month’s Staff In Focus, we get to know more about her and hopefully learn a lot in this short piece.

Q: Which 3 adjectives best describe you?

A:  Tenacious, Rational, Kind.

Q: How would you describe your approach to leadership?

A: My approach is generally to empower my team to have the attitude of getting things done, raising the right questions, and providing solutions. My team always involves these 3 principles in their work.

Q: What is your all-time favourite motivational quote and why?

A: It’s a Bible verse: John 8:14. “Jesus answered, ‘Even if I testify on my own behalf, my testimony is valid, for I know where I came from and where I am going. But you have no idea where I come from or where I am going.” This has been my favorite quote because I believe the world always tries to impose on us views of who we should be, but we should be confident in who we think we are regardless of what they world may think.

Q: If you could have a 1-on-1 conversation with any leader in the world, who would it be and why?

A: Angela Merkel, outgoing German chancellor. She is a strong woman to have been able to hold the fort in Germany for years. Beyond that, she is an influential figure in the world’s political space. To be able to balance that in a generally misogynistic world, while keeping a home is impressive. It will be interesting to get insights on her source of strength and her strategy for managing all the various aspects of her life.  

Q: In your experience across different markets in Africa, would you say fintech firms are collaborating with banks more or rather competing with banks more?

A: There are different dispensations across Africa. For example, In Kenya, MPESA isn’t collaborating much because it is larger than life?.  In Nigeria, it is mostly a bank-led dispensation with very few Fintechs able to differentiate themselves from the banks. Then there is Ghana which is more of a middle ground with a lot more collaboration between banks and Fintechs. So, there are essentially different deployments or implementations across Africa depending on the specific economic conditions or the level of growth of the industry. These influence how Fintechs collaborate with banks.

Q: If someone says, Solace has traveled to her favourite country in Africa, which country will the person be referring to? (Aside Ghana of course, since you’re Ghanaian)

A: Zambia. This is because it is a lot more like home, and the weather is milder. But when it comes to food, I love Abidjan croissants. So, it really depends. If the question is my favourite for food, Cote d’Ivoire but my favourite place where I spend most of my time and work, Zambia.

Q: What’s the one thing you look out for in hiring a member of your team?

A: Attitude. Having the right attitude, the can-do attitude, the willingness-to-learn attitude, the willingness-to-cooperate-with-others attitude, the willingness-to-put-the-team-goals-first attitude. These are attitudes I look out for when choosing my team members.

Q: Which recent Fintech trend or development fascinates you the most and why?

A: Digital currencies. Its journey from being ‘money’ most people believed will fail to its success. Today, regulators are having to adopt a form of it in their respective countries and currencies. These developments have been fascinating.  It’s been a lot of changes in a very short time.

Q: Who are your top 3 Fintech business leaders and why?

A: 1. Kofi Owusu-Nhyira

2. The Collison brothers (Patrick & John), founders of Stripe

3. Strive Masiyiwa

Q: What are your thoughts on the future of Fintech in Africa?

A: Fintech will evolve and grow beyond payments. This may disrupt traditional financial services as we have known them. I look forward to that time when this differentiation will transform more lives and further increase financial inclusion.

Q: What do you love most about working at Nsano?

A:  The excitement and the constant change. I am constantly growing, constantly learning, constantly on the move due to new challenges that excite me. I am not someone to stay down for too long, so I like the adrenaline pump that comes with these changes. I enjoy being on the move, finding solutions to challenges.

Join us monthly for spotlight on Nsano’s people. Follow us on all our social media handles for exciting updates. 

The benefits of using a trusted online checkout service

Any web page(s) given to a customer throughout the step-by-step checkout procedure are referred to as a checkout page. Checkout pages are like the online equivalent of a grocery store’s physical checkout counter.

Just like how customers can provide the items they want to buy and make payment at a physical checkout counter, customers can submit payment information and finalize their orders on the checkout page. The customer’s shipping information, billing information, shipment method, and payment method will be collected during the checkout process. Then the customer is given the choice to complete the order.

Screenshot of a checkout page
A screenshot of a checkout page

So, what exactly is checkout abandonment and why does it happen?

Checkout abandonment is the situation when a customer quits the payment procedure after starting the checkout process. As a result, conversions are lost since buyers do not complete the payment process. In order to better understand why customers quit their checkout pages, most firms turn to analytics. This is to guide and help them develop a better user experience and increase revenue. Data from 41 different studies showed that the average cart abandonment rate is just under 70 percent.

A few reasons why customers abandon checkout

  1. Unclear Pricing: Unexpected costs such as shipping, taxes, and extra fees are usually not made obvious to the customer before purchase. Hence these costs are added to the order summary at the time of purchase. This causes customers to reassess the value of the purchase they are making. Customers tend to change their minds because of these additional costs.
  2. Account required: Compelling users to register to make progress with their online order provides a barrier for ready-to-buy clients. Some online stores may ask for time-consuming information such as your birthday and phone number, which aren’t required to purchase an item online. For some shoppers, having to provide all that information for a single transaction is inconvenient, making it difficult for customers to check out and, as a result, losing them.
  3. Long and complicated checkout process: When making an online purchase, customers expect a quick checkout process. Customers will be slowed down and may quit a checkout process that takes too long, demands too much information, and is difficult to follow along with.
  4. Periodic performance issues, errors, and crashes: Persistent performance issues, glitches, and crashes degrade the user experience and cause skepticism in the payment process.
  5. Lack of alternative payment methods: Without the ability to offer distinct shipping alternatives and several payment ways, retailers fail to provide the ease that customers want and expect from retailers. Most customers will not purchase an item if it cannot be shipped by their favorite courier or paid using their preferred manner.

How to combat checkout abandonment

  1. Provide alternative payment options: The most popular payment methods should be prioritized. It has been proven that the more payment alternatives available, the more likely customers are to complete their purchase. You may start with the popular payment methods so that most of your consumers may have their preferred payment method available, and then add on additional, less popular options as your business becomes more viable and more profitable in the future. Manilla, Nsano’s web checkout page allows users to make payments using their Visa cards, Mastercard cards and all Mobile money wallets. This makes it easy for shoppers to use their preferred payment method and buy items in their cart in just one click.
  2. Prioritize mobile-friendly design: Online shopping sites should prioritize mobile-friendly design while creating, designing, and optimizing their checkout to make the process seamless and consistent across all device types. For Manilla web checkout service, existing clients confirm the interface is simple, easy and user friendly for their customers.
  3. Offer one-click checkout: The checkout experience determines the success of your online store. In as few clicks as possible, a positive experience will lead shoppers to the purchase confirmation page. If it’s a negative one, they’ll leave halfway through. Manilla offers a seamless checkout procedure, such as one-click checkout to complete the online transaction after a customer successfully load carts or selects products and services on an e-commerce site.

Unclear pricing, complicated checkout processes, and lack of payment options are some of the major reasons why customers leave.

The good news is that it can be avoided with Manilla web checkout service. Our mobile-friendly design ensures a seamless checkout experience across all devices. Manilla allows shoppers to buy their items with local payment methods, including digital wallets.

Sign up and give Manilla a try today.

To get started, contact Nsano via email at sales@nsano.com or call 055 968 9983.

Can Neobanks thrive in Ghana?

Would you choose a bank with no physical building but top-notch digital services at competitive rates? Must a bank have a brick-and-mortar premises to give you comfort?

Well, customers of Neobanks don’t seem to care much about Physical banking halls.

Neobanks are digital-only, fully functional banks. This means they operate online or mobile only financial services. They are banks, only without a traditional brick and mortar building or physical premises for banking. Some of the services Neobanks offer include checking and savings accounts, payments, money transfer services, loans, among other related services. They have some unique and mostly competitive banking services. For example, Lidya, a neobank headquartered in Lagos, Nigeria offers customers algorithm-based credit scores that eliminate the need for collaterals and help customers unlock better rates and capital when looking to get a loan. Such unique, technology-based products help to differentiate Neobanks’ offerings.

There are two main types of Neobanks; Full Stack Neobanks and Front End Focused Neobanks.

Full-stack neobanks are standalone banks with appropriate banking licenses to offer services end-to-end. An example of such is Durham-based Atom Bank.

Front-end focused neobanks are however, dependent on a legacy bank to funnel their services to the customers. They do not have banking licenses but rather manage the frontline customer experience and interface. Such Neobanks operate in conjunction with an existing Bank. London-based Revolut is an example.

A notable Neobank in neighbouring Nigeria is Kuda. Kuda promises its customers free debit cards, budgeting trackers to control spending, free transfers to other banks, remote blocking of missing cards, highly rewarding savings packages, among others. Neobanks can afford such benefits because they typically have lower overhead costs due to no physical branches, few to no ATM installations, and fewer staff. These aforementioned costs are usually huge expenses for traditional banks which in turn influence their pricing. With the relatively low overheads for Neobanks, they can afford to lower costs for customers, thereby attracting more users.

Another advantage of Neobanks is that they are heavily driven by technology and easily embrace technological advancements compared to traditional banks. Their products and customer experience are usually top-notch, helping business models to thrive. For instance, it is quite common to see plain and basic traditional banks’ online platforms whereas Neobanks invest in smarter User Interface and User experiences. These result in customer loyalty and customer stickiness. In addition, technology-based Budget tracking and financial management offerings from Neobanks also position them as more customer centric. This is because they come off as services that support customers to make prudent financial decisions.

Moreover, Neobanks have been known to have faster turnaround processes due to the increased use of technologies such as customer service chatbots equipped with Artificial Intelligence capabilities. Kuda Bank, for example, has excellent customer reviews on their speed to complaint resolution.

Currently, there is no Neobank in Ghana. The question however remains whether Neobanks can thrive with the increasing digital banking services being provided by traditional banks and the growing competition in the banking industry.Ghanaians are embracing technology and the benefits it offers in various fields. This is a good foundation for Neobanks to thrive.

As of January 2021, internet penetration in Ghana was 50%, meaning half of the population use the internet.  With relatively lower cost of banking with Neobanks, it is safe to assume that Ghanaians will be excited to use them. Afterall, everyone values a good deal such as great banking services at lower costs. Moreover, Neobank accounts are easy to set up. You can sign up without any physical paperwork. Who wouldn’t choose such convenience? Yet, the absence of a physical presence could be a great hindrance to adoption. Some customers will prefer an option to visit a bank branch in person, especially with complex transactions, which will be highly unlikely with Neobanks.

An almost non-existent human interaction, regardless of how robust the customer service tools are could be a great demerit for Neobanks’ in Ghana. Banking and financial matters thrive on trust and for some, knowing where to find you physically matters.

Secondly, being a customer of a Neobank requires a lot of comfort with technology and trends that come with it. For basic technology users, this can be a lot to ask. So with basic tech skills, customers may have a fairly good experience because of their limited ability to take full advantage of the top-notch technology offerings that characterize Neobank services. This means that even though Neobanks may have the best banking products, customers may not enjoy the value in its entirety.

Thirdly, the bigger banks who also have digital services and the financial resources can partner fintechs to roll out similar Neobank offerings to a tech savvy base. With their resources, they could give Neobanks very stiff competition. This can adversely affect the survival of Neobanks, especially when they are not dependent or backed by a bank. Neobanks differentiate themselves by offering distinctive packages of products and services, which aren’t widely available among traditional banks, but when traditional banks roll out similar services, it hinders existing customers from switching.

In a highly competitive Ghanaian banking sector, building a large customer base as a Neobank means convincing significant number of people to switch their accounts from other providers or tapping into the unbanked population. This is an arduous task even for existing, well-known traditional banks and can prove laborious for a niche service like Neobanks. To make significant inroads will require a lot of time and resources. Not impossible, neither a walk in the park.

In conclusion, the much cliched quote attributed to Bill Gates that ‘banking is necessary, banks are not’ could be a helpful leverage for Neobanks who venture the Ghanaian Market. This coupled with increasing spotlight and efforts to improve internet penetration, digitization and financial inclusion in Ghana makes the idea of Neobanks a welcome one. Should Neobanks get their products right, pricing competitive and customer service par excellence, Ghana could see good patronage for Neobanks if they start operating here. Afterall, it is said that ‘too much of a good thing can be wonderful.’

Nsano Staff Diaries: Up-Close With Linda Otoo

Linda Otoo is a woman of few words. She is calm, approachable, and assertive. Linda leads Nsano Ghana’s operations as Country Manager. This position is no mean feat, yet Linda carries it with modesty. With over 10 years’ experience in risk, compliance, information security, data protection, and quality assurance, Linda ensures that Nsano’s solutions as a financial technology firm meet international security standards.  

In this month’s Staff In Focus, we get to know more about her; her motivation, her plans, and some fun facts.

Q: When you were a kid, what did you want to be when you grew up?

A: A doctor. I remember pestering my dad for a customized stamp and eventually got one with Dr. Linda Allotey on it. I would stamp every paper I saw and attempt to scribble and sign it as my way of living out my dream.

Q: If you could master one highly valued skill in a day, what would that skill be?

A: Coding

Q: What motivates you?

A: 1. Leading my team to succeed

    2. Being a role model for my daughters

Q: What’s your favourite TV show?

A: New Amsterdam. Beyond being a fan of medical practice, this TV series is delightful, mind-opening and has key lessons on teamwork.

Q: Where do you see yourself in 5 years?

A: Still with Nsano, breaking boundaries and achieving bigger successes across Africa.

Q: What is your proudest career achievement?

A: Being Country Manager for Nsano.

Q: What runs through your mind at the end of each working week?

A: Having an issue-free weekend.

Q: What book are you currently reading?

A: The Goal

Q: How do you handle pressure?

A: Being calm and staying positive. I have learnt that reacting under pressure ends up being based on the emotions but once I stay calm, positive thoughts and rational solutions flow naturally.

Q: What’s the most courageous thing you have ever done?

A: Tracking and finding my stolen phone

Q: What are your thoughts on the future of FinTech in Ghana?

A: Exciting, challenging, and competitive times ahead. The growth ahead is enormous. 

Q: What do you love most about working at Nsano

A: The people. We are like a family and this makes work exciting.

Join us monthly for spotlight on Nsano’s people. Follow us on all our social media handles for exciting updates. 

Why Blockchain is gaining popularity

Since its conception, people have been fascinated by blockchain, an emerging trend in fintech. The purpose of blockchain was to enable digital data to be recorded and appropriated but not altered.

Stuart Haber and W. Scott Stornetta, two researchers who aimed to develop a system where document timestamps could not be tampered with, initially proposed blockchain technology in 1991. Blockchain did not have its first real-world application until two decades later, with the launch of Bitcoin in January 2009.

Although blockchain may appear complicated at first glance, its underlying concept is simple. Blockchain is a specific type of database, and the way its data is structured differs significantly from a typical database. A typical database stores data in a particular way, for example, by using a table structure. Most databases use a relational data model, showing that all the information is stored in relation to each other and accessible using keys.

In blockchain, each block stores data in a unique way, which makes the system very secure and reliable. There is no linkage between blocks and records in blockchain because there is no need for that. The main idea behind blockchain – unlike databases – is that no central authority controls the database. Instead, all members of the network have an equal say in managing it. This allows for flexibility and transparency, as any client can check the contents of a transaction or database item without relying on a central authority. To do this, only one entity must be replicated on each machine in the network – the blockchain itself.

To understand blockchain, it is necessary to first understand its storage structure. Blockchain differs from typical databases in the way it saves data. It stores data in blocks that are linked together. As new information is received, it is entered into a new block. Once the block has been filled with data, it is linked onto the earlier block, resulting in a chronological chain of data. When a block is filled, it becomes a permanent part of the timeline. When a block is added to the chain, it is given a precise timestamp. Any change to a single block in a chain would be immediately obvious. Hackers would have to modify every block in the chain across all distributed copies if they wanted to destroy a blockchain system.

With the recent emergence of cryptocurrencies which are built on blockchain like Bitcoin and Ethereum, new blocks are constantly being added to the chain, greatly increasing the ledger’s security. Bitcoin depends on blockchain technology as a mechanism of recording payments in a transparent manner. Bitcoin was developed in 2008 by Satoshi Nakamoto, a designer who built the digital currency, as a peer-to-peer electronic cash system which does not require third party intermediaries. It runs as a decentralized, transparent, secure and distributed electronic cash system where the history of every transaction done is made public and can be viewed by anyone at any time. The Bitcoin ledger is collectively kept by a network of participants [nodes] spread across the globe. All nodes in the network keep track of all successful transactions and update their copies of the ledger accordingly.

A South African-based marketplace known as Sun Exchange allows individuals to invest in solar energy projects in South Africa using Bitcoin. Anyone with Bitcoin can buy solar energy systems, and lease them to schools, communities, businesses, and government facilities. This allows investors to earn rental income, while supplying clean energy to local communities in areas which have a critical need for energy infrastructure. It primarily focuses on South African solar projects but is expanding to other African countries like Kenya.

African fintech startups have made noteworthy progress in changing the landscape of the blockchain industry. Tari, an innovative South African blockchain startup launched in 2018 has a goal to integrate payment solutions across Africa. They are also in the game of supporting local African blockchain startups through a free blockchain university to spread blockchain knowledge across Africa.

Blockchain has potential applications beyond Bitcoin. Blockchain is an immensely powerful technology that can revolutionize multiple industries. It enables users to store information and share that information with others without the need for a trusted third party to ensure security. This means that all data is maintained privately, which provides users with complete privacy in their transactions.

Blockchain also has applications in finance, healthcare, energy, and other fields where trust and security are important. One good example is the use of blockchain to vote in democratic elections. The nature of blockchain’s immutability means that fraudulent voting would become far more difficult to occur. Here, a citizen is issued a single cryptocurrency or token under a voting system. Each candidate is then assigned a unique wallet address; hence voters would send their tokens or crypto to the address of the candidate they wish to support. Because blockchain is transparent and traceable, it eliminates the need for human vote counting and the ability of bad actors to interfere with physical votes.

Health care providers can leverage blockchain to keep their patients’ medical records securely. When a medical record is created and signed, it can be stored on the blockchain, giving patients confirmation and assurance that the record cannot be altered. For example, BurstIQ, a US based tech company creates big data blockchain contracts to help their patients and doctors transfer sensitive medical information securely. The smart contracts set up the parameters of what data can be shared and even displays details of personalized health plans for each patient. 

Propy is a global real estate marketplace which leverages blockchain to create a decentralized title registry system and even sells properties that can be bought using cryptocurrency.

Launched in 2015 by Cellulant, Agrikore is a blockchain-based system for intelligent subcontracting, payment, and marketspace that allows all stakeholders in agriculture (farmers, consumers, product aggregators, insurance companies, financial institutions, and governments) to collaborate in a secure environment.

With many practical uses for the blockchain technology being implemented and explored, blockchain has the potential to make businesses and even government operations more precise, efficient, secure, and cost-effective by eliminating the need for intermediaries and giving comfort to its users.

Nsano Staff In Focus: Up-Close With Dorothy Teye

The ever-resourceful Dorothy Teye is our Head, Human Capital and Administration. Dorothy’s energy and constant need to get staff motivated easily earns her the title of Nsano’s Chief Happiness Officer.

Over the years, Dorothy has championed some great employee relations and engagement causes that have helped shape Nsano’s people strategy.

Let’s spotlight Dorothy and get to know more about her.

Q: Which 3 adjectives best describe you?

A: Personable, Ethical and Energetic

Q: What is the most interesting thing we will find on your resumé?

A: I have a Bachelor’s degree in Economics and Accounting. On my way to becoming an Economist

Q: Which 2 Human Resource trends do you find exciting and why?

A: Introduction of AI in HR technology- right from recruitment to employee engagement and development. This will accelerate employee training and skill development as well as identify potential causes for turnovers.

People Analytics- provides data-driven insights to aid in better hiring decisions, effective performance management, etc. This will drive value for organizations and optimize processes based on data.

Q: Knowing Nsano is big on knowledge acquisition and sharing, what book are you currently reading?

A: “The Goal: A process of Ongoing Improvement” by Eliyahu Goldratt and Jeff Cox

Q: What is the best piece of advice you have ever received?

A: Ɔbra nye woara abɔ (Life is what you make it)

Q: What is your proudest career achievement?

A: In my quest to becoming a global professional in HR, I recently got certified by Society of Human Resource Management as a Certified Professional in Human Resource Management. 

Q: How do you stay motivated?

A: Prayer. Whenever I am overwhelmed, or losing my drive, I take time out to pray. Prayer always brings back the positivity and energy I need to forge ahead.

Q: Which one App on your phone can you not live without?

A:  WhatsApp

Q: If you were to relocate from Ghana, which country would you live in?

A: Switzerland

Q: Aside home, work, church, where are we likely to find you?

A: These are the only places to find me. ?

Q: What do you love most about working at Nsano?

A: The leadership. I am challenged to give off my best and the growth through the challenges has been phenomenal.

Join us monthly for more interesting spotlights on Nsano’s people. Follow us on all our social media handles for exciting updates. 

An Industry on the Rise

Financial Technology services have become essential for today’s highly connected consumers.

Over the years, Ghanaian Fintech companies have become a gateway to access digital financial services by providing inexpensive and more accessible financial solutions for Ghanaians.

The fintech industry has fostered financial inclusion and progressed in the direction of a cash-lite economy, driven by digital products and services. There has been a significant level of growth over the past years in response to emerging trends and technologies like Insurtech, Blockchain Technology, Big Data and Artificial Intelligence. Leveraging these technologies, Fintech companies are also partnering with financial institutions to make digital financial services convenient and accessible. This has seen the rise in Banking Application and USSD codes for banking purposes. GCB Bank through its e-money service called G-money has made financial services convenient, accessible and available via USSD, App, and a QR Code.

To further redefine the delivery of financial services, Nsano created a technologically-driven, user-centric solution called Move Secure, a Mobile Money escrow service, to curb the growing mistrust and online scams within the e-commerce space.

On the regulatory front, the Central Bank has demonstrated its support for the Fintech industry with the launch of a new FinTech and Innovation Office in May 2020, to drive the Bank’s cash-lite, e-payments, and digitization agenda.   

In February 2021, The Bank of Ghana also launched a regulatory and innovation sandbox pilot; a regulatory environment that enables firms like banks, specialized deposit-taking institutions and payment service providers to test innovative products, services and business models to assess their usefulness and viability in the market.

The Central Bank further cemented their support by for Financial Technology with its recent announcement to introduce the e-cedi, a state-backed digital currency, making it one of the first Central Banks to enhance digital financial services in Africa.

For a majority of Ghana’s population, digital technology has become the driving force for financial services. With these technologies and trends, the Fintech industry has more room to grow and innovate to provide the digitization that the world has acknowledged as the way forward.

Nsano announces Insurance Benefits for Remittance Recipients

To mark International Day of Family Remittances, Nsano Limited through its Instant Credit Service, has announced an exciting package for all beneficiaries of remittances through Nsano’s partner MTOs.

The package, which was launched on 16th June 2021, rewards beneficiaries with a free Life & Hospital Insurance cover, valid for 30 days.

This gesture is part of the company’s commitment to increase financial inclusion and optimize value for all its existing and incoming remittance partners.

Nsano is by this announcement encouraging MTOs and migrants to increase remittances to Ghana.

Speaking on the launch, Mrs Linda Otoo, Country Manager for Nsano said, “Nsano is constantly developing propositions to improve financial inclusion. It is for this reason that this insurance package for our remittance beneficiaries has been launched.”

For further information, kindly email trade@nsano.com or call +233-302- 909018 or +233-559-689972.