No Result
View All Result
Thursday, May 26, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Sibton Switch defends GH¢4.6 bn BoG contract

bycitibusinessnews
February 3, 2017
in Banking And Finance, Government, Local Economy, TECHNOLOGY, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Sibton Switch Systems has defended the 4. 6 billion cedis cost for the establishment of an interoperable platform for mobile money transactions in Ghana.

According to the company, the quality and extent of services provided for by the platform, guaranteed its selection by the Bank of Ghana.

“It’s a long term infrastructure; it’s a retail payment system that does not just cover one party which will be interoperability for Mobile Network Operators (MNOs). It cuts across the entire retail payment systems; it comes with MNOs, banks, aggregators, merchants among others,” of Sibton Switch systems, Keiko Wantanabe explained on the Citi Breakfast Show on Friday.

ADVERTISEMENT

She added, “If we believe that this amount is what is going to get us this infrastructure, then we’re investing this amount into it.”

Sibton Switch wins contract

Documents cited by Citi FM indicate that Sibton Switch systems will be in charge of the interoperability platform for telecom operators effective March 2017.

The company was selected from three institutions that submitted tenders to provide interoperability services for mobile network operators in the country.

Sibton Switch’s amount; GH¢ 4,669,414,340.82 is relatively higher than the other two institutions that expressed interest in the contract.

The other two were; Vals Intel Limited and Mericom Solutions Limited which quoted GH¢14, 094,795.00 and GH¢ 5,465,396.06 respectively.

Telecom operators unhappy

Telecom operators have opposed the move to get an institution to harmonize the interoperability platform within the financial space.

According to the telecom players, there are already existing platforms for interoperability in the mobile money space.

Some industry watchers have also expressed dissatisfaction with the Bank of Ghana’s decision to outsource the deal to an external entity.

They argue that the move demonstrates a side-stepping of the Ghana Interbank Payment and Settlement Systems (GhIPSS) which currently operates a similar interconnected payment platform for banks in the country.

Keiko Wantanabe could however not readily disclose how much the services will cost the respective players within the chain.

“We setting up the platform itself reduces cost. The role we play is not a onetime fee that is being imposed on participants…over a period of time, whatever investment that we are putting in will be realized but gradually,” she stated.

BoG must clarify issues

The Bank of Ghana is yet to make an official statement on the matter.

But ahead of that, some analysts in the financial sector believe the central bank’s position should bring all uneasiness to rest.

“It is confusing as to whether or not the amount is going to be a payment by the Bank of Ghana, …typically the hub is not paid by the facilitator but generally they make some kind of switch feed on the platform that they facilitate,” Digital financial services consultant, Kwame Oppong said on the Citi Breakfast Show.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

Related Posts

News

Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

byNerteley Nettey

Foreign illicit financial transactions and tax evasion by multinational companies are draining Africa’s domestic resources and depriving it of crucial...

Read more

Gold exports push Ghana’s trade surplus to $1.3 billion in April

Gov’t expenditure needs to be checked to help deal with inflation – ICAG

Take control of financing on the continent – Ofori-Atta to AfDB

We’ll avert any looming food crisis with effective planning – AfDB Boss

Value of MoMo transactions decrease by 3% between March and April 2022

Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

Next Post

Kenya:Treasury expects Sh100bn in loans by end of March

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.