Stanbic Bank Ghana has closed a $9 million loan agreement with Subah Info Solutions to acquire a licence to run Ghana’s Consolidated International Gateway Project Management (CIGPM).
The role was previously performed by Global Voice Group (GVG), a Seychelles registered company.
The deal will enable Subah Info Solutions, an ICT infrastructure company and member of the Jospong Group of Companies, to also acquire Global Voice Group’s interest in the CIGPM.
Commenting on the agreement, Chief Executive Officer (CEO) of Subah Info Solutions, Dr. Joseph Siaw Adjepong said: “Improving ICT services in the country is a key factor in Ghana’s total development. Subah is committed to implementing all measures to ensure that there is no fraud in international telephony. Consumers should not be shortchanged and this deal with Stanbic Bank helps greatly to achieve Subah’s objectives.”
The CIPGM serves as a consolidated telephone clearing house where all in-bound international calls are monitored to prevent fraud in the operations of the international gateway system.
Chief Executive of Stanbic Bank Ghana, Alhassan Andani, said Stanbic Bank is committed to supporting state and corporate institutions in their quest to develop the infrastructure base of the country.
“As a member of Africa’s largest bank with 150 years experience operating on the continent, we are truly committed to partnering institutions to check revenue leakage in our country. Creating wealth is a shared responsibility of the State and Corporate Ghana. That is why Stanbic Bank Ghana is excited to be involved in this initiative,” he said.
Stanbic Bank has supported a number of activities of the local conglomerate over the years and these have led to the provision of jobs, raised incomes and increased taxes for the state.
Stanbic Bank Ghana, a member of the Standard Bank Group, started operations in Ghana on 30th December 1999.