Open Ecosystem Market For Africa –it Consortium Ceo

The Chief Executive Officer (CEO) of IT Consortium, Romeo Bugyei, has called for an open ecosystem market for Africa, in order to create a single platform for businesses to operate across borders, without restrictions.

He said if Africa accepts the idea of operating a homogenous market, it would result in low cost of doing business and maximization of profit though they may be charging less.

He explained that businesses are able to make more turnovers when they have the opportunity to reach large spectrum of consumers.

Mr. Bugyei made this statement during a media interaction session at the African Fintech Unconference of stakeholders at the Labadi Beach Hotel in Accra yesterday.

The CEO of IT Consortium suggested that the idea of integrated markets should also be replicated by the telecommunication companies, especially in mobile money transactions, adding that it would allow the market grow and make services cheaper.

As an experienced IT Solutions and Software developer, specialized in payments and student information systems, Mr. Bugyei argued that transferring money from one network to another should be a challenge and consumers should be offered the opportunity to enjoy such services.

Currently, he disclosed, the Bank of Ghana doesn't regulate the Fintech operations, the platform on which the Telcos provide mobile money services; however, he was quick to state that the Apex bank controls activities of their partners which indirectly have impact on them.

He indicated that though the Apex bank is yet to regulate Fintech operations, it has however held meetings with them, adding “I don't think government should regulate us now in order to make space for innovation. The mobile money is spreading but we are not yet there.”

Vahid Monadjem, CEO of Nomanini who also addressed the media stated that though there are a large proportion of people using mobile phone; study has shown that more than 5million of Ghana's adult population don't have access to financial services.

He however, indicated that Fintech, through its partners would bring together solutions, especially for the informal sector to have access to loans as well as enable the unbanked population to have bank accounts via their mobile phones.

By Bernice Bessey