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GITFiC and MOWALI SAS have signed a Memorandum of Understanding to help them roll out a Payment System in Africa to help them achieve their Developmental Objectives.
The trust’s goal is to demonstrate the regional bloc’s efforts to the payment system’s successful implementation and, as a result, the inclusion of national payment systems as a means of deployment.
Mr Selasi Koffi Ackom, Chief Executive Officer of GITFIC, signed for his outfit, while Awa Gueye Ba, Chief Executive Officer of Mowali, signed for his outfit, according to a statement signed on Monday and copied to the Ghana News Agency.
“We are excited about embarking on this partnership with GITFiC, which will enable a platform to work together in ways to support the expansion of the mobile money payments across the continent” Awa Gueye Ba – CEO of Mowali said.
TN Mobile Money and Orange Money have a combined reach of over 100 million mobile money accounts and mobile money operations in 22 of Sub- Saharan Africa’s 46 markets, allowing Mowali SAS to profit from their reach.
Mowali SAS offers interoperability between digital financial service providers outside of MTN and Orange’s operations and markets in order to support Africa’s 338 million mobile money accounts. GITFiC will collaborate with MOWALI SAS on a strategic planning exercise to develop and execute the new Cross Border Payment System in phases for the benefit of financial inclusion across Africa.
The outcomes of this exercise will help MOWALI SAS execute its activities and identify areas where GITFIC may assist, Mr. Ackom stated. GITFiC’s three main functional basic areas of services of Trade, Trade Finance, and Logistics, according to the statement, are the “fundamentals” in identifying strategies to improve inter-Africa trade, regional integration, trade liberalization, trade laws, and practices.
“GITFiC focuses on staying current with the business environment in Ghana and beyond using knowledge from domestic resources and the African Continent. This connection of knowledge of the local and continental business environments, from business executives, policymakers, and subject matter experts, is the right direction to exhilarate the business communities in Africa and also function as a major driving force moving Africa as a bloc in the global trade. GITFiC is indigenously Ghanaian. “
“The Ghana International Trade & Finance Conference (GITFiC) and MOWALI SAS urge the public on the African Continent to be supportive and accommodating with both parties in the execution and implementation of this Memorandum of Understanding and the relevant road maps for the benefit of the general trading community on the Continent.
“A lasting solution to the age-old Cross Border Payment and Settlement System hindering Cross Border Trade is here. MOWALI is the solution and GITFiC will successfully help with the implementation in phases.”
The Ghana International Trade & Finance Conference (GITFiC) is a well-known private sector venture that works with the private sector, government sectors in the sub-region, and the continent as a whole to advance the Continental Free Trade Agreement (CFTA), the continent’s broader development agenda as defined by the African Union’s Agenda 2063, global trade issues in general, and other trade agreements.