Business News of 2014-03-03

Access pioneers visa prepaid card service

Access Bank Ghana on Thursday became the first financial intermediary operating in the country to introduce Visa Prepaid Card, a cedi denominated reloadable card, which provides a convenient way for people to pay for goods and services outside Ghana without carrying any foreign currency.
The card, which could be used on all Visa ATMs worldwide, will help to reduce the risk associated with black market transactions, Dolapo Ogundimu, Managing Director (MD) of the bank, told customers in Accra.
The benefits of the card, Mr Ogundimu stated, include instant cash withdrawals round the clock, global access to funds in customers’ accounts, safety for customers against carrying large amounts of cash around, as well as safety and security of transactions.
Access Bank Ghana concurrently launched AccessLink Card, a proprietary card which comes in two versions – Classic and Gold – to fast-track business transactions and encourage a cash-lite economy.
AccessLink Classic is targeted at salaried workers, market women while the Gold targets high net worth individuals.
The MD stated that the introduction of the AccessLink would allow customers to access their funds from Automated Teller Machines (ATMs), Point-of-Sales devices in the market and e-channels that bear the gh-link logo.
The AccessLink Card is linked to an Individual or Corporate Cedi account designed to provide account holders with access to cash directly from their accounts anytime they need it.
It can be used for cash withdrawals, bill payment, purchase of goods and services using POS terminals.
Dr Benjamin Amoah, Head Financial Stability, Bank of Ghana, in a speech, noted that the launch of the cards were in tandem with the BoG’s desire on the financial market, adding that it would help to enhance the payment system and promote financial inclusion.
Stephen Abban, Head of Retail Banking at Access Ghana, said the card would be provided to current and potential customers free of charge for their transactions.
Archie Hesse, Chief Executive Officer, Ghana Interbank Payment and Settlement Systems (GhIPSS), said the AccessLink Card would provide access to clients since it can be used on ATMs and hybrid points of sales devices bearing the gh-link logo.
GhIPSS, he noted, was in the process of deploying over 2,500 hybrid point of sale devices to create convenience for customers.
He said customers of Access Bank would have access to over 1,000 ATMs and walk directly to shops at centres that have the point of sales devices.
Source: Daily Guide
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