The 1st Deputy Governor, Dr Maxwell Opoku-Afari, has extended his warm congratulations and best wishes to IT Consortium Ghana Limited on the occasion of the twentieth anniversary of the company. According to Dr Opoku-Afari, twenty years in the life of a FinTech in any part of the world is no mean achievement especially in the context of a developing country, stating that “this achievement is monumental for both IT Consortium and Ghana.”
“A trip down memory lane to 2001, Bank of Ghana had commenced in earnest implementation of interbank payment infrastructures aimed at modernizing the banking sector and guided by a strategy that is focused on banks. In an era when the word “FinTech” was alien to the library of finance vocabulary and the thought of technology companies providing financial services would have been considered sacrilegious, IT Consortium was established,” he added.
He was of the view that IT Consortium had 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.”
Dr. Opoku-Afari revealed that IT Consortium’s commitment to the norms of the financial services industry over the years has been commendable. He indicated that at a time when the regulatory regime did not recognize FinTechs, key management personnel of the company frequently interacted with officials of Bank of Ghana on regulatory issues. “It is no wonder then, that IT Consortium is one of the first few FinTechs to be licensed by the Bank of Ghana as an enhanced payment service provider,” he averred.
“Remarkably, as a wholly-owned Ghanaian company and staffed by persons trained and worked in Ghana, the company has demonstrated fidelity to the digital transformation agenda of the Ghanaian economy. Its contribution to the conceptualization, designing and implementation of the flagship Ghana. Gov platform which is at the core of the digital economy project is laudable. 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.
“Recently, I had the privilege of gracing the inauguration of the new office premises of IT Consortium. The beautiful edifice is not only functional but also a symbol of hope and determination of the Ghanaian. As a pacesetter in this emerging industry, I urge you 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. This would require that you operate responsibly by being customer-centric and complying with the regulatory regime at all times.
Clients and competitors were at the anniversary launch in their numbers to support the company. Many paid glowing tributes to the integrity and professionalism of the company that is considered as one of the foremost technology firms driving innovation for financial inclusion.
Chief Executive Officer of IT Consortium, Mr Romeo Bugyei expressed appreciation to the regulator, partners and clients of the company for supporting their quest to change the IT landscape of the country. He expressed optimism that the next 20 years of the company would experience the creation of more value through research to deepen technological products for the advancement of Ghana’s economy.
The company’s Chief Software Architect, Mr. Franklyn Eleblu, announced a number of activities lined up for the commemoration of the 20th anniversary including scholarships and the rolling out of new products by the end of the year.
