Abena Osei Asare
Abena Osei Asare

Deputy Minister of Finance, Abena Osei Asare, and also MP for Atiwa East, has indicated that, well-developed payment systems prevents risks associated with payments, clearing and settlement systems, as well as promote a strong supervisory regime.

According to her, Ghana has continued to manage with its payment systems to meet the developmental needs of the country. Adding that, this change is driven by economic, financial, public policy practice, growing local ICT regime and global trends in payment system developments.

She was speaking at the unveiling of Finastra’s FusionFabric.cloud App to Ghana’s Information Technology firms and the banking industry. The event dubbed, “Ghana Digital Transformation, Corporate Banking and Treasury Forum”, was organized by Finastra in partnership with BlueSPACE Africa in Accra.

According to her, the theme for the event reflects the growing recognition of the changing landscape in the financial sector in terms of digitization, trade and payments as well as single treasury account management.

She reiterated that, Ghana’s recent interest in digitization is gradually permitting service providers to facilitate formal payments in place of the usual traditional accounts.

Adding that, even the BoG has so far registered Mobile Money transactions to the tune of GH¢ 2.3 billion, which has resulted in the growth rate of 84.6% in 2017, compared to the GH¢1.3 billion in 2016.

She also said, mobile money transactions employed 194,688 agents in December 2017 as against 136,769 in December 2016, indicating a growth rate of 98.5%.

The Deputy Minister emphasized that, “As government is committed to position Ghana as an international financial service centre, our priority as a country is to attract the headquarters of major financial institutions, we want to establish strong technology platforms with strong infrastructure with financial services. It is therefore necessary to deepen the digitization process.

We hope to transition from a cash economy to a cash lite one, especially in this year. government is committed to a Ghana beyond aid, efficient mobilization of funds is key, therefore, a treasury bill account is paramount. It offers government agencies the opportunity of having real time visibility of all government bank accounts with the commissioner’s office.”

Formed in 2017 by the combination of Misys and D+H, Finastra, unlocks the potential of people and businesses in finance, creating a platform for open innovation.

They also provide the broadest portfolio of financial services software in the world today, spanning retail banking, transaction banking, lending, and treasury and capital markets. Enable customers to deploy mission critical technology on premises or in the cloud.

Their scale and geographical reach serves customers effectively, regardless of their size or geographic location, from global financial institutions, to community banks and credit unions.

BlueSPACE Africa is a wholly owned Ghanaian technology company that is focused
on bringing digital transformation to banks, other financial institutions and government agencies.

They build financial backbone systems and infrastructure that
enables secure an efficient movements of transactions. With a people-centric approach to delivery that takes into consideration the holistic business processes.

BlueSPACE Africa, also gives its clients greater choice in applying technology to improve overall business outcomes and benefit.

The event was focused on three core areas of Ghana’s banking sector; Exploring the future of trade and payments, Winning the market through effective digital transformation and Exploring the changing landscape of treasury and risk in Ghana.

The conference brought together over 40 CEOs, CIOs, COOs, Heads of Regulatory Compliance, Financial Risk, Compliance, Technology, Treasury, Payments, Trade and leading practitioners from banking and financial institutions in Ghana.

By:Sammy Adjei/Newsghana.com.gh

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