The Chief Executive Officer of the Glydetek Group Limited, an institution that provides banking services to financial institutions, Mr Justice Adade has called on financial institutions, especially cooperative unions to register with Data Protection Agencies in the country to protect their customers’ confidential information to prevent fraudsters from attacking them.

According to him, even though technology was necessary to advance the work of financial institutions, it was important that they become aware of the many fraudsters who have emerged and using all means to defraud customers in the country and around the world.

“It is good for the financial institutions to embrace technology or digitization to enhance their work in this era of technological advancement, but it is also necessary they adopt all means to protect customer data to prevent these fraudsters from reaching them,” he said.

Mr Adade was speaking at the 2022 Annual glGeneral Meeting of the Cocoa Research Co-operative Credit Union (CRCCU) Limited held over the weekend on the theme: “Digital, Technology for Financial Institutions.”

The meeting which brought together members of the Cooperative Union, was purposed to enable the board to give an account of their activities, over the period under review to members and assess challenges, achievements and way for forward.

Mr Adade noted that even though technology came with it challenges such as encountering fraudsters, it would be expedient that co-operative unions join the digitization agenda by embracing technology to enhance their work.

He said banks in the country have currently embraced technology as well as other financial institutions, adding that the cooperatives should not allow themselves to be left out.

“Rather do everything possible to protect your customers’ data and educate them on ensuring that they do not share confidential information with people outside the bank,” he reiterated.

He expressed worry over some customers who still preferred the traditional way of banking where they preferred to use the banking halls, indicating that technology has brought about mobile banking services that they could embrace to cut cost of money, time, and transportation in transacting business with the banks.

He said benefits including convenience, safety for customers as well as wider outreach, liquidity growth and increase in liquid margins for the banks would be achieved and added that it would make life easier for both customers and the banks.

For his part, the Chairman for the CRCCU, Mr George Akumfi Ameyaw stated that the cooperative has intended to go digital to enjoy the benefits that come with digitization and hence have started mobile banking services which was being offered to customers who cannot patronize the banking hall or would want to do transactions at the comfort of their homes.

He congratulated the board and members for their cooperation over the year under review and revealed that membership has grown to 3,014 members in 2022 from 2,211 members in 2021, indicating a growth of about 36 percent and revealed total assets of the co-operative has increased to GH26 million as at December 2022 from GH21 million in 2021.

From Ama Tekyiwaa Ampadu Agyeman, Tafo