Good morning esteemed ladies and gentlemen, partners, colleagues in the financial industry and distinguished members of the Press.
I want to recognize the presence of the Ghanaian banking industry at this grand event – the Governor of the Bank of Ghana – Dr. Ernest Addison, the Chief Executive Officer of Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) – Archie Hesse, representative of the Governor, Central of Nigeria, representatives of the Ghanaian banking community, members of the press & all other distinguished guests.
It is my utmost pleasure to welcome you to this epoch-making event, the formal launch of strategic partnership between GhIPSS & Verve Card.
Verve is an international technology company. We have, over the past few years, been working across markets on the African continent to enhance the digital payment ecosystem. Currently, Verve card is issued in twelve African markets, and accepted in 22 African countries. Today it is with great pleasure that we announce acceptance of Verve Card throughout Ghana. This is particularly critical given the increasingly important role Ghana plays in West Africa & Africa as a whole.
For us at Verve International, the Ghanaian market is very important, it is one of the fastest growing markets in the West African sub-region and attractive destination for trade & leisure among other Africans. In recent years, Ghana’s payment system has witnessed significant changes on account of the growing role of fintech firms and other innovations. A recent survey conducted by the Bank of Ghana’s (BOG) Payment Systems Department revealed that at least 71 fintech companies currently provide both front- and back-end services to Ghana’s banking sector. In light of these new developments, the payment system has constantly evolved to meet the developmental needs of the country, with BOG exercising oversight over significant financial market infrastructures (FMIs). To this end, I would like to commend BOG for its commitment to the growth of the digital payment system in Ghana and for creating an enabling environment for partnerships such as this one between Verve International and GhIPSS to thrive.
Our experience over the years has shown us that the importance of collaboration cannot be overstated. The World FinTech Report from Capgemini, France in 2018 highlights the importance of symbiotic collaboration as key to success in future financial services. Therefore FinTechs and digital payment platforms such as Verve are increasingly looking for mutually beneficial collaborations with other financial service firms. The logic is very simple, digital payments are
more successful when we integrate systems, remove barriers to customer’s everyday transactions & scale up. This happens only by building collaborations, not by entrenching silos.
It is evident that the diverse economic, financial, and public policy factors as well as growing local ICT industry and global trends in payment systems development are driving the change in Ghana’s payment environment. Partnerships between financial institutions and technology companies enable delivery of innovative financial services in response to increasing demand for digital payment products. Today African customers are more aware, they now expect more, demand more & should I add, deserve more. We are absolutely confident that with this partnership between Verve International and GhIPSS, Africans travelling across African borders for business, pleasure or cultural exchange will get all that they deserve from a digital payment gateway such as Verve Card. We are very excited as we anticipate that this growth of digital payment will enhance intra-Africa trade and economic prosperity.
The GhIPSS-Verve partnership stems from our recognition of the strategic importance of the Ghanaian market in the sub-region and the African continent in general. Ghanaian economy is one of the largest in West Africa, and it has shown a consistent growth trajectory in recent years. This growth we have seen is as a result of government’s deliberate focus among other things on development of the financial sector and financial inclusion.
As a growing economy, the need for a seamless payment gateway and ease of exchange across borders cannot be overemphasized. This is why Verve International is collaborating with GhIPSS in order to ensure that every Verve Card usage is a stress-free transaction experience, throughout Ghana & indeed across other African countries.
With this partnership everybody wins; the banks in Ghana, Banks in other African countries, regulators, & most importantly customers, as it becomes easier than ever before for customers to pay for goods and services effortlessly. Verve Card holders travelling across the African continent for business or for pleasure are rest assured of removal of transaction barriers. We are confident that this increase in transaction velocity will accelerate trade, cooperation, commerce, cultural exchange & lift more of our people out of poverty.
Besides offering convenience, digital payment solutions play a vital role in driving economic growth. The advent of digital payment services, especially in Africa, has brought about drastic change in how businesses are conducted, promoted financial inclusion, boosted the economy, and enhanced accountability & efficiency. The benefits are endless.
With increased penetration of mobile devices across Africa & IOT, several challenges in various sectors of the economy, previously perceived as insurmountable can now be tackled by the
adoption of digital payments. At Verve we don’t see an Africa of insurmountable challenges, we see an Africa of INSURMOUNTABLE OPPORTUNITIES. Consistent with the benefits accruable from the adoption of digital payments, our expectations are that the launch of Verve Card in Ghana will further enhance growth of digital payment on the continent.
As global technology accelerates, Africa should not, must not be left behind, not just as users/buyers, but more importantly as creators and enablers. If we face peculiar problems in Africa, we must also provide homegrown solutions. At Verve, developing home grown solutions is our creed. Acceptance of Verve Card in Ghana is our emphatic statement of intent in this regard.
And with our synergistic relationship with GhIPSS and similar agencies across Africa, together we will build an African superstructure of global scale that the rest of world will be willing to embrace.
It is worthy of note that Verve card is already now accepted in 22 African countries; We are excited that countries such as Ghana, Kenya, Nigeria and other great nations of Africa are in this list.
Once again, I would like to thank GhIPSS for taking us on, and to commend both the Central Bank of Ghana & Central of Nigeria for creating the enabling environment for this partnership. That said, I would also like to encourage the banking community in Ghana to embrace the Verve proposition. With Verve in your card portfolio you have a sure bet to win.
Thank you all for listening.