Dr Maxwell Opoku-Afari, First Deputy Governor of the BOG has urged the IT Consortium Ghana Limited to be a shining example and a beacon of hope to the many up-and-coming Ghanaian youths desirous of making a career in the FinTech industry.
According to him, this would require the Consortium to operate responsibly as the pacesetter in the emerging industry. He stated that the IT firm can do this by being customer-centric and complying with the regulatory regime at all times.
Dr. Opoku-Afari stated this in a goodwill message to the IT Consortium Ghana Limited as it marks 20 years of operation.
“May I remind you that you have just entered a new era and a new phase of your existence. The ecosystem in which you operate is also in a state of flux. In the midst of the excitement, you should not forget to strategize for the future”.
Moreover, the Deputy Governor congratulated the IT Consortium for weathering the storm on the past 20 years of its operations.
“Twenty years in the life of a FinTech in any part of the world is no mean achievement. It becomes even more significant when placed in the context of a developing country. This achievement is monumental for both IT Consortium and Ghana”.
Dr. Opoku-Afari stated that the Bank of Ghana commenced the implementation of interbank payment infrastructures in 2001. The aim was to modernize the banking sector with a key focus on banks. According to him, this was in an era when the word “FinTech” was alien to the library of finance vocabulary. He highlighted that IT Consortium was established at a time when most people do not believe that a technology company can provide financial services.
Role in financial sector development
As a result, Dr. Opoku-Afari lauded the company’s appreciation of Bank of Ghana’s direction of financial sector development. He further stated that IT Consortium has competently supported the digital transformation agenda of the Ghanaian financial services industry. The Consortium played this role by providing “digital solutions relevant to our developmental needs”.
To this end, he cited the chango crowdfunding product as an example. This was introduced to improve on the traditional “susu” model for raising funds among a group of persons.
“IT Consortium’s commitment to the norms of the financial services industry over the years has been commendable”.
Meanwhile, he indicated that the company frequently interacted with the BOG even when the regulatory regime did not recognize FinTechs. According to him, it was not surprising that BOG licensed the Consortium as one of the first few FinTechs in the country. The BOG licensed the IT Consortium as an enhanced payment service provider.
Furthermore, he stated that the company has demonstrated fidelity to the digital transformation agenda of the Ghanaian economy. He also lauded the contribution of the company to the conceptualization, designing, and implementation of the flagship Ghana.Gov platform. Also, Dr. Opoku-Afari revealed that this platform forms “the core of the digital economy project”.
According to him, the successes of the company in the digital financial services ecosystem is a demonstration that the Ghanaian is capable of solving the country’s problems.