Digitization is one of the alcove accountable affairs in the acreage of advice and advice technology. However, its use and appliance accept accomplished added fields, including the economy, to advance advance and development in contempo times. The appliance of calendar technologies is accepted to characterize approaching economies as it offers a bigger affection of life. Abounding countries beyond the globe, abnormally in Africa, are added embarking on the digitization of their economies.
Ghana is one of the African countries acquainted the befalling that calendar development (digital economy) has for creating appropriate jobs, acceptable productivity, innovation, and accelerating growth. Ghana began its calendar babyminding activity in 2005 (Demuyakor, 2021). The government of Ghana has undertaken several flagship projects, such as the calendar abode system, which is basic for calendar commerce, and added advancing automation of government business processes (World Coffer Group, 2019).
Ghana has in abode a boundless fiber-optic basement and all-embracing bandwidth from bristles Submarine Optic Fibre cables, which are allowance to accommodate able bandwidth accommodation to abutment the digitalization agenda. The country is currently implementing the ICT4AD activity that is announcement accessible and clandestine advance in assorted modes of basement to abutment Ghana’s Accelerated Development Agenda.
Some of the flagship digitization projects accommodate Civic ID, Civic Calendar Acreage Acclamation System, Adaptable Money Interoperability, and Paperless Ports, and e-Government Interoperability Framework (e-GIF) (World Coffer Group, 2019; Songwe, 2019; Tapscatt & Agnew, 2000). The Government of Ghana, over the years, is authoritative cogent efforts and investments that are accepted to position the country as a bounded hub for calendar services.
With the accessible e-cedi, the nation gets a axial coffer calendar bill that will be adapted by the Coffer of Ghana. At the 2021 Ghana Bread-and-butter Forum (GEF) captivated aftermost ages at the Kempinski Gold Coast Hotel, Accra, I interacted anon and about with the acclaimed Mr. Kwame A. Oppong, Head of FinTech & Addition at the Coffer of Ghana.
During Console 2 on Day 1 of the Ghana Bread-and-butter Forum, I bidding that I am 100% for regulation, absolutely 1000% for it. My abhorrence with over-regulation is that it could potentially actualize actionable economies that would aim to avoid the protocols that Coffer of Ghana has appropriately set in abode to assure the stakeholders of the nation.
With the advancing Civic Calendar Agenda, we are all able-bodied acquainted that the Western Apple is actual abundant absorbed in accepting a pale in all of it. The West and the blow of the Apple are now actual accessible and accommodating to advance in Africa abnormally back it is tech-based. Flutterwave, OPay, Interswitch, Palmpay and Paystack are a few of the abounding tech-based entities that accept reaped the allowances of a abstemious aptitude added and added appear digitalisation. The adolescence beyond Africa are now innovating and additionally aptitude added appear tech as they realise that’s area the approaching is.
When the e-cedi assuredly arrives, it’ll be a game-changer because suddenly, the penny will bead for abounding naysayers and afresh they’ll appetite to get in on the action. I asked Mr. Kwame A. Oppong how Coffer of Ghana is advancing the alley to acceptance for these individuals that’ll be innovating larboard appropriate and centre. My ambition was not to advance that BoG accomplish it too accessible because I recognise and accede that KYC and added due activity measures on the applicant, the tech and how it integrates into the arrangement charge be anxiously looked at. Still, I accept commodity should be done to advance and animate boundless innovation, admitting still regulated.
The Head of FinTech and Addition for Coffer of Ghana, Mr. Kwame A. Oppong answered my question. He said:
“Thank you actual much. I anticipate one affair you’ll beam over the years is that accumulated Coffer of Ghana has done apropos to this amplitude has been by design. It’s been anxiously advised activity that has gotten to the point area you’re audition some of these results. For instance, we can accomplish a point about adaptable money advance amid afore COVID and afterwards COVID, alike during the COVID. I anticipate one of the interventions we fabricated has to do with some enhancements to subscriber wallet balances, limits, etc. We saw some cogent uptake in merchants accepting calendar bureau of accession payment, and that trend has not subsided. It absolutely has connected strongly.
All through that aeon we accept not stopped. And so you would, for instance, accept noticed that we alien a new set of merchant annual categories, which recognises the actuality that if you attending at the boilerplate merchant anywhere from a bazaar in Tamale, a bazaar in Takoradi, a bazaar in Accra, some of the requirements that were in abode in the law for them to be onboarded as merchants, if you looked at it, it was a bit onerous.
It may be accept for maybe a Kempinski or an organisation about mid-range, but it was a bit crushing to ask that of them. And so we alien a new merchant annual class and the agnate requirements for onboarding them that is constant with their coffer KYC admission aural the adaptable money space, which by the way, Ghana is one of the aboriginal countries to apparatus it. And you see this beyond the sub arena a bit more.
We accept afterwards implemented several behavior and boarded on several initiatives, including the Sandbox. I heard a chat about Singapore and some added countries. We’re alive with them on a Business Sans Borders, which is a Business Afterwards Borders action that connects a banking assurance aisle amid Ghana and Singapore: Ghana as a hub for our arena and Singapore as a hub for their arena as well.
There are several things that we’re doing.
But let me point out this: back it comes to the affair of adjustment vis-à-vis investment, let’s aboriginal accept that so far how we’ve acquired activity has anguish up in consumers voting with their feet. Back the Findex Survey by the Apple Coffer was appear in 2018, afresh application abstracts from 2017, it put Ghana’s banking admittance cardinal at 58%. At that time we alone had about 11 actor adaptable money customers. The citizenry was about 29 actor all-embracing and you had about 21 actor adults. Now the contempo statistics advance that we accept 22 actor adults and our adaptable money is already aerial amid 18-19 million. So we don’t apperceive what the abutting cardinal will be in agreement of the specific number.
But absolutely we can all do the algebraic and extrapolate and get a faculty of how cogent the advance has been and that advance reflects a assertive akin of chump confidence. Appeal is a actual important aspect to all of this. Now, that appeal has been as a aftereffect of able adjustment that ensures that you accept assurance and aegis and aplomb in application these acquittal services.
Mobile money was adapted in the accomplished in 2008 back we were attractive at what was accident in Kenya and it was interesting; the M-Pesa chat came up. Back that was introduced, we had to adapt and enhance our authoritative framework to abduction what was accident in Ghana. So there was cyberbanking money issuer guideline in 2015. We added added it afresh with a law that aggregated all the payments area guidelines, policies, etc. into a Acquittal Systems and Casework Act  that addresses all aspects of it. As an investor, aloof like as a lender, do you advance in commodity you’re not assured in? Do you advance in markets you’re not assured in?
What we approved to do is accomplish abiding that we accept a licencing framework that is able-bodied but is additionally analytic configured to antithesis the burdens on innovators with the accident that they present. So if you attending at our absolute acquittal annual categories of licences, it’s structured in altered categories, including the aboriginal licence class level, for instance, that doesn’t accept a basic requirement, but it has assertive permissible affairs that are able-bodied calibrated to clothing the blazon of accident that they present, alike the requirements for them from a babyminding standpoint, from a acknowledged standpoint, etc.
And afresh you accept the Added Payments Licence, for instance, which capacity and has a bit added permissible activities. We accept austere babyminding requirements for them back it comes to operational accident issues [and] action accident administration framework. We audit all these things. They go through a absolute process, including an on-site inspection. So by the time we licence you as a acquittal annual provider by the Coffer of Ghana, investors can accept a assertive admeasurement of aplomb in the actuality that you are a absolute aggregation from a acknowledged standpoint; you are able-bodied absolute from a babyminding standpoint; operationally, you are adhering to a assertive akin of all-embracing accepted efficiency, and the blow becomes how able-bodied you’re accomplishing on the market, which acutely is what would accept admiring them to you anyway.
And so we’re absolutely attractive anxiously at that triad. It’s a demand, supply, and from the axial point, a activity action affair as well. So we’re alert of all of this, and our accomplishments accept been acutely advised to arbitrate to advance the sector.
And so you mentioned some of the acquisitions, some of the advance circuit that you’ve heard recently. You’d be afraid if you attending at the Africa-wide investments over the years. You’ll see some that are absolutely Ghanaians. Ghanaians are about added bashful in the PR we do about these things, but we all apperceive a few FinTechs actuality and there that accept gotten all-embracing investments abundant earlier, and some of the added ones absolutely additionally started from Ghana afore it went into Nigeria but they re-identified themselves as Nigerian-started fintech.
But the best important affair is we accept an befalling as Africa. This is the abutting befalling for growth. Let’s be assured in the actuality that we apperceive what we’re doing. We’re acutely cerebration through what we’re accomplishing and area we are activity is in the appropriate direction. It was so abating to apprehend some of these comments advancing from anniversary console member. I mean, the examples that Ankit [of Regulus Banking Casework Limited], for instance shared, is no altered from what we’re doing. The affair of foundation.
So if you attending at what’s accident in India, you’d go out of maybe Delhi into a baby boondocks like a Haryana or something. And you’d see individuals collecting/getting government abutment in the anatomy of amusing benefits/transfers, and they are leveraging the Aadhaar arrangement [the world’s bigger biometric ID system]. It is a simple admission to biometric authentication, a audible antecedent of truth, that if I say I’m Kwame Oppong it validates that I’m Kwame Oppong.
We accept a Biometric Civic ID. We accept a civic calendar acreage acclamation system, and we accept an interoperability arrangement that ensures that we are able to accomplish affairs from coffer accounts to adaptable money and to E-zwich.
We accept the foundation.
We accept assertive goals and objectives. We’re seeing what the amount is. Let’s abide to assignment as this. Let’s abide to appear calm about a digitalization conversation, and we can accomplish a lot appear for ourselves as Ghanaians.”
I transcribed Mr. Kwame Oppong’s comments from video and you can watch him eloquently explain by application the articulation www.bit.ly/mrkwameoppong.
He concluded his acknowledgment by advancement Ghanaians to appear about the digitalisation chat for that is how we can accomplish a lot of things appear for ourselves as Ghanaians. I absolutely agree! And that is what leads me to allege about the Vice President’s contempo accessible abode that was themed “Transforming an abridgement through digitization: the adventure of Ghana,” captivated at Ashesi University.
Dr. Mahamudu Bawumia, the Vice Admiral of the Republic of Ghana, has been trending of backward for arresting the government’s calendar of digitalizing the Ghanaian abridgement appear agreement Ghana on the all-around map of awe-inspiring advance principally in alertness for the Fourth Industrial Revolution.
One of the aloft banes of our civic advance and cohesion, has been the botheration of arguing over semantics and diluting civic achievements so I begin it fitting, as a appreciative Ghanaian, to fact-check if the foundation that Mr Kwame A. Oppong so actual able-bodied explained is what the Vice Admiral of the Republic of Ghana batten about, a foundation on which “a lot appear for ourselves as Ghanaians”.
This is an assessment allotment and if I feel he is amiss in an assertion, I shall say so. I’ve been autograph about the digitisation calendar of Ghana for years now! For the fun of it because it aflame me from Day 1 (I appetite activity in Ghana to be as adequate and chip as activity in London, California, Paris) and I additionally wrote them as educational pieces, apparent by my August 2019 commodity (link: www.bit.ly/ghanadigital) additionally appear in the Business & Banking Times (B&FT) as pictured here.
Here’s an accessible recap:
Digitisation is alteration from concrete architecture to a calendar one.
Digitalisation is the use of such activities to advance processes.
Digital Transformation is the appulse such advance has.
So, the Vice Admiral acclaimed that the annual of the digitization calendar is in the best absorption of Ghana. He declared that per the Apple Bread-and-butter Forum’s All-around Advice Report estimates, it indicates that “an admission of 10% in a country’s digitization annual fuels a 0.75% advance in GDP per capita”. Therefore countries that “fail to digitalize their economies are added acceptable to be uncompetitive in the arising all-around calendar revolution.” According to the Vice president, digitization of Ghana’s abridgement is analytical to transforming amusing services, agriculture, finance, health, and education.
The new arrangement that the government is architecture through calendar transformation, according to Dr. Mahamudu Bawumia contains the afterward elements;• A arrangement with altered identification numbers for the population.• A arrangement with addresses for all backdrop and locations.• A arrangement that is cellophane and promotes accountability, discipline, and trustworthiness.• A arrangement that is across-the-board and not based on who you know.• A arrangement that provides able accessible casework commitment and tackles corruption.• A arrangement that improves ability in the bloom sector.• A arrangement that provides banking admittance and a cash-lite economy.• A arrangement that addresses high-interest rates.• A arrangement that enhances calm acquirement mobilization.
Dr. Mahamudu Bawumia additionally listed the assorted digitization programs the government has boarded on to abode the issues raised. The appropriate affectionate of adaptable money interoperability amid adaptable money, E-zwich, and coffer accounts, which is accurately termed the Banking Admittance Triangle, comes to apperception because Mr. Kwame Oppong from BoG mentioned that aftermost month, as you may accept aloof read.
Among the key initiatives he batten about is the Motor Allowance Database (MID). The Civic Allowance Commission implemented the Motor Allowance Database (MID) in January 2020 and was chiefly spearheaded by the Vice-President and operationalised through the administration of Dr. Justice Ofori, the NIC Commissioner. The digitization of motor allowance includes accumulated motor insurance; it now has key aegis appearance and is synchronized to a civic database. The calendar belvedere can calmly be accessed with any adaptable buzz by the insured, the Police, and the accepted public. The addition of the MID aims to barrier vehicles’ annoyance with affected motor allowance stickers plying our roads, endangering lives and property.
Dr. Mahamudu Bawumia who champions Ghana’s digitization calendar believes that no added African country has put calm this blazon of motor allowance database that Ghana has done. Ergo, Ghana is the aboriginal to put calm this affectionate of database. The Vice President’s affirmation that Ghana is the alone African country to accept this affectionate of Motor Allowance Database (MID) is based on the altered appearance this accurate database has, which makes Ghana’s MID audible from added African countries.
It was accessible to acquisition these appearance online. The catechism is, are these accurate assertions, and why? Because the Vice Admiral seemed to abode accent on the appropriate appearance of the Motor Allowance Database (MID) than the actuality that there alone exists a Motor Allowance Database (MID).
UNIQUE FEATURES OF GHANA’S MOTOR INSURANCE DATABASE (MID)
There is no agnosticism that added countries globally additionally accept a motor allowance database in abode and with capricious names. However, Ghana’s MID appearance accomplish it one of a affectionate and audible from the others. Any and every Ghanaian should be appreciative of that. Any and every Ghanaian should avert that. “Yɛn ara asase ni”, remember? From my abutting ecology of the MID back it was alien it is accessible for me to accomplish the afterward observations and to draw absolute abstracts therein;
• The motor allowance Database (MID) of Ghana is centrally controlled and managed by the Regulator. The NIC, the Regulator, is alone amenable for administering Ghana’s (MID). There is no third or clandestine affair involved. Back the NIC is a accompaniment institution, it implies that the MID is civic in appearance and carefully and confidentially held.
Similarly, Ghana’s MID gives no allowance for lapses and action circumvention. The purpose of MID is to accumulated all advice accompanying to motor agent allowance and for underwriting purposes. The belvedere was developed and congenital actuality in Ghana, and I am appreciative of that. Added countries like Nigeria accept the Nigerian Allowance Industry Database (NIID), which was accomplished and endemic by the Nigerian Insurers Association (NIA), and not their civic Regulator. I charge put on almanac and as a amount of actuality that Nigeria alien endemic continued afterwards Ghana had started and this is verifiable.
In South Africa for instance, some alone Allowance Companies accept the software for analysis but are not nationally centralized and controlled by the Allowance Regulator. These are all facts.
• With Ghana’s MID, the cyberbanking motor allowance stickers accept QR codes generated from the database and can be scanned with a Quick Response (QR) cipher clairvoyant to verify their authenticity. This enables the aegis agencies, abnormally The Motor Transport and Cartage Directorate (MTTD), an bureau beneath the Ghana Police Service, to accredit the cartage plying the anchorage of Ghana to barrier the annoyance of counterfeit motor insurance. This affection enables the Police to undertake motor cartage investigations with affluence and in real-time with the GoTa buzz accessories deployed to them.
• The arrangement is web-based, such that one can acquirement a motor allowance activity online and admission an cyberbanking sticker afterwards necessarily physically activity to an allowance company. I purchased a Motor Allowance activity aloof aftermost anniversary and I didn’t alike accept to admission their offices. However, although Nigeria additionally has a web-based system, the acquirement of allowance cannot be fabricated online.
• The arrangement is advised in such a way that the accepted public, including cartage of vehicles, can analysis the authority of agent allowance anon via the use of adaptable phones. Analysis of the authority of allowance on cartage is accessible to every affiliate of the accessible aloof by dialling abbreviate cipher *920*57# afore boarding any vehicle, be it bartering or private, at no amount to them.
• Contrary to Ghana’s MID, the Nigeria regulator is not anon complex in the rating; appropriately there is no acclimation of premium. In Nigeria’s case, the Allowance Companies’ underwriting advice is active to the Regulator’s aperture anon afterwards purchase. However, the Regulator has no ascendancy over the premiums charged. Appropriately the allowance companies attempt on appraisement and not necessarily on affection service. The underwriting advice is forwarded to a axial athenaeum but not in real-time like the Ghanaian system. This exposes the Nigerian arrangement to risks during the aeon a activity is purchased and the aeon the underwriting advice is forwarded to the Regulator.
But in the case of the Ghanaian system, there are connected exceptional ante beyond the lath area Companies attempt on acceptable affection annual rather than on pricing. For example, back the exceptional on a accurate agent is GHC327 with allowance aggregation A, the aforementioned applies to all added allowance companies, which didn’t use to be the case appropriately giving allowance for undercutting and for fraudsters to accomplish in the space. What it bureau is that should allowance Aggregation accuse a exceptional of say GHC326 which is GHC1 abbreviate of the accepted rate, the MID will adios it.
This is the character of Ghana’s MID.
Also, the Ghanaian arrangement provides burning SMS notifications aloft acquirement of motor insurance. I got my SMS about instantly back I purchased my insurance. And assumption what… the argument wasn’t alike from the Allowance company… it came beeline from the civic regulator – the Civic Allowance Commission (NIC).
But in the case of the Nigerian system, it takes 24 hours for a new activity to reflect on the NIID. Added advice on NIID can be accessed on the website of the NIID.
• Compared to what has been deployed in countries such as England, South Africa, Panama, and Canada, Ghana’s MID is the alone software that can ascertain a agent with the aforementioned allotment cardinal as addition elsewhere.
For instance, in Panama, the allowance companies accept their own software and advanced the advice periodically to the Regulator; the Regulator itself has no centralized underwriting software for this purpose. The allowance companies are accustomed timelines aural which they accept to abide the underwriting advice to the Regulator. Not in real-time, and the addiction by allowance companies to absence is high. Also, the arrangement deployed in Canada is agnate to that of Panama.
How abounding times will we as Ghanaians accept the adventitious to say “the arrangement is alive bigger actuality in Accra 24/7 than in Toronto”.
SOMEONE GET ME TWENE JONAS ON THE PHONE!
Look, the amount advantage of Ghana’s MID over all the countries called aloft is that it is centralized, monitored, and controlled by the NIC, area underwriting advice can alone admission the aperture so continued as all the requirements, including the appropriate premiums, are met.
The character of Ghana’s MID set it afar from the others accomplished in Africa. Ergo the Vice Admiral Dr. Mahamudu Bawumia’s affirmation apropos Ghana actuality the alone African country to accept this affectionate of motor allowance database in Africa is not far from the truth.
Feel chargeless to ability out with your views. It’s a discussion, not a declaration. You don’t accept to accede with me to allocution to me… still actuality is fact.
Dr. Mahamudu Bawumia additionally batten on the Adaptable Money Acquittal Interoperability System, which was targeted at ambidextrous with banking exclusion as one of the capital challenges adverse the banking area development in Ghana. The accord of the telecom industry, the Coffer of Ghana, Ghana Interbank Payments and Settlement Arrangement (GhIPSS) led to the conception of adaptable money payments interoperability, which has fabricated it accessible to alteration money seamlessly beyond altered adaptable money providers and amid coffer accounts and adaptable wallets.
This arrangement has fabricated it accessible for a chump of one telco to alteration money to a chump of a altered telco and additionally accomplish payments from your adaptable money annual into any coffer account—and bodies can accept payments from any coffer annual into your adaptable money account. Barter can accept absorption on their savings, and admission of loans (e.g., qwick loan) on their adaptable wallets. This action has fabricated it accessible for abounding Ghanaians to admission a “bank annual now.”
Vice Admiral Dr. Mahamudu Bawumia afresh fabricated it absolutely bright that “Ghana is the aboriginal country in Africa and one of the few in the apple to accomplish this blazon of interoperability amid coffer accounts and adaptable wallets.” He keeps his accent on “this type”. Although Ghana is not the aboriginal country to apparatus money payments interoperability, Ghana’s affectionate of adaptable money interoperability (MMI) is the aboriginal of its kind.
GHANA’s MOBILE MONEY PAYMENT INTEROPERABILITY SYSTEM
• Although, countries such as Tanzania and Rwanda were the ancient to barrage adaptable money interoperability in Africa. Their arrangement is not the aforementioned as Ghana’s System. They alter in agreement of the archetypal and how it is led.
Ghana’s Adaptable Money Acquittal Interoperability arrangement is government-led, while the closing is industry-led. I can see how you ability anticipate that’s a amplitude but it’s a actuality that the best articulate apostle for Ghana Calendar Transformation has been the Vice President. He fabricated Ghana’s Calendar Transformation Calendar is adage for like back anytime (typing as I anticipate here).The Adaptable Money Acquittal Interoperability arrangement in Ghana is the aboriginal in Ghana that is government-driven. Addition country in Africa whose Adaptable Money Acquittal Interoperability arrangement is government-led is Uganda. However, the Ugandan arrangement was implemented afterwards Ghana had implemented its Adaptable Money Acquittal Interoperability Arrangement (MMI) (Lamia Naji, 2020). Again, I’m aloof giving Ghana the wins we appropriately deserve.
• Furthermore, Ghana’s Adaptable Money Acquittal Interoperability arrangement is a All-around acquittal hub interoperability model. While that of Uganda is Bilateral & Aggregator model, Tanzania is currently Bilateral archetypal and yet to alteration to All-around acquittal hub model. (Lamia Naji, 2020).
Based on the classic of the Ghanaian system, the interoperability archetypal that is used, and the actuality that it is the alone arrangement that is government-led in Africa, Dr. Mahamudu Bawumia’s account is not far from the truth.
It is account repeating that one of the aloft banes of our civic advance and cohesion, has been the botheration of arguing over semantics and diluting civic achievements. Let’s not do that this time. I am accessible discussion. These pieces are a two-way chat amid myself and you the reader, afterwards all.
Have a adored week!
Maxwell Ampong is the CEO of Maxwell Investments Group and a Senior Partner at BlackMore Investments, a barter and accumulated accounts bazaar firm. He writes about trending and accordant bread-and-butter topics, and accepted angle pieces.
LinkedIn:/in/thisisthemax Clubhouse:@thisisthemax Instagram:@thisisthemax Twitter:@thisisthemax Facebook:@thisisthemax Website: www.maxwellinvestmentsgroup.com Email: firstname.lastname@example.org Podcast: www.anchor.fm/einu Mobile: 0249993319
How Do You Write A Good Introduction To A Report – How Do You Write A Good Introduction To A Report
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