'More IT Companies Needed'

Chief Executive Officer (CEO) of the Ghana Interbank Payment and Settlement Systems (GhIPSS) Archie Hesse has challenged indigenous players in the Information Technology (IT) industry to venture into the financial services sector and develop the needed solutions.

Speaking in an interview, Mr. Hesse said there were few indigenous players in the industry, which has compelled many financial service companies to look for service providers overseas.

Relying on external service providers could be challenging, as the slightest challenge will require flying down specific personnel which comes with time and cost implications, he indicated.

He said the move towards a cash lite economy was real and options such as payments using ATM cards online payments and mobile payments were gradually making inroads.

This development, he explained, would require a lot of IT service providers and urged indigenous players to seize the opportunity.

The GhIPSS CEO explained that because the financial sector largely deals with people's money, the standards for services provided cannot be compromised.

He called on indigenous players to partner their foreign counterparts to build their capacity and reputation and acquire the requisite certification to become major players in the sector.

Some Ghanaian IT companies are doing very well and the players must stay abreast with developments within the financial services sector.

He cited the introduction of Point of Sales (POS) terminals, which accept local cards as well as e-Zwich cards.

'IT companies should be able to develop additional services on these POSes to make them multi-functional.'

He commended Fossil Pay, which was developing services and encouraged indigenous players to consider other value added services, as well as support service solutions.

Mr. Hesse also intimated that very soon, it would be possible to use the local ATMs to make payment online and IT companies must support businesses to build good websites that can accept payments online.

'We are in the era of electronic based products and services and our indigenous IT players must cash in and they need to follow developments in the sector to be able to do that,' the GhIPSS CEO stressed.

Online payment with local ATM cards is expected to be a reality soon, and it is anticipated that lots of services in IT would be required.

By Samuel Boadi