The Chief Executive Officer of Ghana Interbank Payment and Settlement Systems (GhIPSS), Mr. Archie Hesse, has challenged indigenous players in the Information Technology (IT) industry to venture into the financial services sector and develop needed solutions. He noted that since the sector’s direction is electronic, a lot of IT solutions are in demand and covering a very broad area of services.
Speaking in an interview, Mr. Hesse said there are too few indigenous players in the industry, compelling a lot of financial service companies to look outside for service providers. Relying on external service providers can be problematic as the slightest challenge will require flying down the personnel, which has time and cost implications.
He said the move toward a cash-lite economy is real, and options such as payments using ATM cards, online payments and mobile payments are gradually making inroads. This development, he explained, will require a lot of IT service providers — an opportunity he urged indigenous players to seize.
The GhIPSS CEO explained that because the financial sector largely deals with people’s money, the standards for services provided cannot be compromised.
He believes that is a reason why there are fewer indigenous players; therefore suggesting they partner with their foreign counterparts to build their skills and reputation as well as acquire the requisite certification to become major players in the sector. He noted that some Ghanaian IT companies are doing very well and urged others to devise ways of getting mentored.
Mr. Hesse said there is a wide range of IT services and urged the players to be abreast with developments within the financial services sector. He mentioned that with 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 POSs to make them multi-functional.
He commended Fossil Pay, which has ventured into this area, and encouraged indigenous players to think through other value added services as well as support service solutions.
Mr. Hesse also intimated that very soon it will be possible to use local ATMs to make payments online, and urged IT companies to support businesses in building good websites which can accept payments online. “We are in the era of electronic-based products and services, and our indigenous IT players must cash in; 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 will be required. But Mr. Hesse warned that unless indigenous players position themselves in readiness to grab the opportunities, only a few will benefit from them.