The platform, known as Freedom Bank Account, is the initiative of Tranzfar, a financial technology company based in the UK, to create a safe and secured facility for money transfers.

Launching the platform on Aug 17, a Deputy Minister of Trade and Industry, Dr Stephen Amoah, said in an era where global connectivity and financial inclusivity were paramount, the introduction of the digital banking platform aligned perfectly with the country’s aspiration for growth and development.

He commended the company for bringing into fruition the facility which focused on providing a secure and efficient means of access to global banking infrastructure.

The introduction of the platform, he said, was not only timely but also addressed a critical need for the country’s diverse population.

Concept 

Dr Amoah said the concept was one of the most important things that was needed, particularly in developing economy such as Ghana, adding that the initiative was long overdue for a developing economy which would be better placed when it came to global integration, especially when issues of banking and finance are concerned.

“We all have to accord them the needed cooperation and support because this is what we need as a developing economy. This is what every entrepreneur, every investor and every company needs because the globe has become a small village,” he said.

Connection

The Chief Executive Officer and co-founder of Tranzfar, Ryan Romeo, said the company was set up in 2017 to connect Africa with the rest of the world through financial services.  

He said the freedom account was a liberalized global banking infrastructure to the world - developing entities in Africa, followed by Asia and Latin America.

“We are telling people that we deserve to be banked globally; to have full access to full-fledged banking services and to be able to offer these services to private and public entities alike,” he said.

For his part, the Chief Financial Officer of Tranzfar, Dr Olusiji Sanya, said the ultimate goal and vision of the firm was to be able to connect the global diaspora to their home bases.

He said the journey started from the African continent and “for us it is significant that we are starting to launch the freedom product from Ghana”.

He said the country had a track record of stable environment, integrity and cutting edge regulatory and business environment. 

The country Director of the Ghana-UK Department for Business and Trade at the British High Commission, Accra, Giselle Agyare, said what Tranzfar was bringing to the table was an innovative product that sought to be an alternative to the traditional banking system.

“We are excited to be part of that story,” she said.