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Business News of Wednesday, 28 April 2021

Source: GNA

BoG commends IT Consortium for country’s digital transformation agenda

The Bank of Ghana Headquaters The Bank of Ghana Headquaters

The Bank of Ghana has lauded leading Ghanaian tech company, IT Consortium for completely supporting the digital transformation agenda of the Ghanaian financial services industry with digital solutions relevant to the developmental needs of the country.

A stellar example is the change crowdfunding product, the first of its kind by a licensed institution in Ghana, introduced to improve on the traditional “susu” model for raising funds among a group of persons.

Speaking at the 20th-anniversary launch of ITC, First Deputy Governor, Dr Maxwell Opoku-Afari said ITC’s contribution to the “conceptualisation, designing and implementation of the flagship Ghana.Gov platform which is at the core of the digital economy project is laudable.”

Ghana.gov is the yet to be launched government online platform through which Ghanaians can apply for passport, birth and death certificates, drivers licence, register companies, pay utility bills and access many other service from state institutions and pay directly online.

It was conceptualised, designed and built by ITC and two other local fintechs, Hubtel and ExpressPay.

Dr Opoku-Afari pointed out that despite somewhat the hostile environment for Fintechs at the time, ITC demonstrated an unusual appreciation of BoG’s direction of financial sector development, and they have competently supported the digital transformation agenda of the Ghanaian financial services industry with digital solutions relevant to Ghana’s developmental needs.

“A stellar example is the chango crowdfunding product, the first of its kind by a licensed institution in Ghana, introduced to improve on the traditional “susu” model for raising funds among a group of persons,” he noted.

He recognised IT Consortium’s commitment to the norms of the financial services industry over the years had been commendable, adding that it was no wonder then, that the company was one of the first few FinTechs to be licensed by the Bank of Ghana as an enhanced payment service provider.

The First Deputy Governor also commended the wholly-owned Ghanaian company staffed by persons trained in Ghana to have demonstrated such fidelity to the digital transformation agenda of the Ghanaian economy.

He vouched for the relevance of the solutions from ITC, saying that “Indeed, the successes of the company in the Ghanaian digital financial services ecosystem signifies the capacity of the Ghanaian to deal with the challenges confronting us as a country.”

Dr Opoku-Afari however urged ITC, as a pacesetter, to be a shining example and a beacon of hope to the many up and coming Ghanaian youth desirous of making a career in the FinTech industry.

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