IFEX launches electronic products for automated “Susu” collection

Informal Finance Exchange (IFEX), a private organisation, on Tuesday launched a deposit collection and automated banking machines to assist government agencies, security services and “Susu” collectors to effectively collect revenue and data.

The machines use “latest and appropriate” technology to enhance financial management, security and criminal investigations, online identity verification and authentication for banking, non-banking financial institutions as well as operators of micro-finance schemes.

Speaking at the media launch in Accra, Mr Kwaku Akwetey, Chief Executive Officer of IFEX, expressed dis-satisfaction that the country lacked credible data collection system that provided absolute and reliable data for research, planning, business development, crime detection and security of the citizenry.

He said IFEX products had been designed to overcome challenges that operators of “Susu”, micro-finance enterprises and government agencies had to grapple with.

Mr Akwetey said: “IFEX is generally a multi-platform product that provides both software and the accompanying operative equipment. It provides total operational environments for the financial, commercial and the security services sectors of the economy.”

He said IFEX products would be useful in areas such as elimination of ghost-names from pay-rolls, detection and prevention of corruption, provision of accurate time-specific demographic and financial data and detection of scams and fraudulent deals.

The rest are provision of criminal investigations and efficient revenue mobilisation and efficient accounting systems.