GOODWILL MESSAGE DELIVERED BY THE
FIRST DEPUTY GOVERNOR, DR MAXWELL
OPOKU-AFARI
AT THE LAUNCH OF THE 20TH ANNIVERSARY
CELEBRATION OF IT CONSORTIUM GHANA
LIMITED
23RD APRIL 2021
With a high sense of pride and appreciation, I extend my warm congratulations
and best wishes to IT Consortium Ghana Limited on the occasion of the
twentieth anniversary of its foundation. 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, and truly 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 modernising
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.
With unusual appreciation of Bank of Ghana's direction of financial sector
development, IT Consortium has competently supported the digital
transformation agenda of the Ghanaian financial services industry with digital
solutions relevant to our 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.
IT Consortium's commitment to the norms of the financial services industry over
the years has been commendable. At a time when the regulatory regime did
not recognise 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.
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 conceptualisation, 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.
While you relish the accomplishments of the past two decades, 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.
HAPPY TWENTIETH ANNIVERSARY! CONGRATULATIONS!