SWIFT HOLDS STAKEHOLDER FORUM IN GHANA

 

Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global member-owned cooperative and the world’s leading provider of secure financial messaging services, providing their community with a platform for messaging standards for communicating, offering products and services to facilitate access and integration; identification, analysis and regulatory compliance organisation, held an interactive forum with players and stakeholders in Ghana’s financial sector, comprising of CEOs, MDs, Executive Directors of banks and SWIFT service users also known as the national member group, to discuss issues on compliance, security on the SWIFT platform, cyber treats and to facilitate stakeholder engagement.

In her welcome and opening address, the Director of Banking, Bank of Ghana, Mrs. Peggy Osei-Tutu Dzodzomenyo said, the strategic importance of SWIFT cannot be overemphasized and that large value local funds transfers, settlement of security related transactions and cross –border transactions, all rely on the robustness and resilience of the SWIFT network, indicating that most banks in Ghana also rely on SWIFT products to meet their international compliance requirements.

Mrs. Peggy Osei-Tutu Dzodzomenyo noted that in line with the mandate of BOG to maintain financial stability, the central bank goes the extra length to ensure efficiency and safety of the various infrastructure in the financial space through stakeholder engagements, enabling 29 banks to connect to the SWIFT network, that has resulted in a far reduced cost for participating banks and ensure collective approach in meeting required standards and securing the SWIFT environment against possible abuse, treats and cyber-attack which is more eminent more than ever.

Presenting the facts and figures for Ghana on the swift platform, Mr. Solomon Osuoza, Country Manager for SWIFT, indicated that as at May 2018, 7million transactions from Ghana has been recorded on the swift platform with 33 thousand messages representing a significant growth 0f 22.7% in traffic, with a payment growth of 19% and a treasury growth of 7%, with Ghana ranked 6 in Sub-Saharan Africa, with facts and figures stipulating that the volume between Ghana and Nigeria on the payment corridor is low in spite of theproximity between the two countries. Interestingly transactions between Ghana and Gambia corridor recorded significant growth. 

In his presentation, Mr. Solomon Osuoza also stipulated the top four major transaction destinations from Ghana, are United States, China, Hong Kong and India adding that, United States tops on the payment corridor.  

In his address, Mr.Sido Bestani, Head of SWIFT, Middle East, Turkey& Africa indicated that SWIFT will do whatever it takes to enhance compliance and protect its stakeholders from eminent treats through information, knowledge sharing and capacity building but financial institutions must constantly upgrade in terms of innovation, technology and awareness creation.

Adding that ‘‘education, education, education is KEY’’

Mr.Sido Bestani also reminded financial stakeholders in Ghana to actively and enthusiastically participate in their number in the upcoming 20-22 June, 2018 25^th edition of SWIFT African Regional Conference in Kigali Rwanda, indicating the possibility of Ghana hosting the 2019 edition depending on stakeholder interest and participation in this year’s edition in Rwanda.

The SWIFT Ghana forum ended with several stakeholder concerns, particularly on cyber treats and security issues, with financial stakeholders also suggested that, at least such engagement should be organised by SWIFT quarterly to enhance awareness creation, networking and knowledge sharing.

SWIFT was founded in 1970s, based on the ambitious and innovative vision of creating a global financial messaging service, and a common language for international financial messaging.

Today swift remains a truly global cooperative leading innovation in financial messaging service, the swift community is stronger than before, with a global and neutral character increasingly reflected in international governance and oversight including the SWIFT oversight forum.

Swift also brings the financial community together at global, regional and local levels to shape market practice, define standards and debate issues of mutual of mutual interest and concern.

  
SWIFT operates in more than 200 countries globally, with over 20 years of operations in West Africa.

BY: Hector Wulff