Business News of 2014-04-12

Stanbic unveils point of sales machines

Stanbic Bank Ghana unveiled its new Point of Sales (POS) machines in Accra on Thursday, as part of efforts to drive cashless transactions.

The devices, which can be used to receive payments for goods and services bought with Stanbic electronic cards, will be made available at various shopping centres and grocery shops.

The Head of Personal and Business Banking at the bank, Nana Dwemoh Benneh, said at the launch of the devices that their introduction was to offer cutting edge banking to clients.

“We are deploying technology to offer convenient and efficient services to our customers,” he said, stressing that Stanbic Bank was the first in the financial services transaction sector to introduce the POS merchant acquiring device.

A POS device is a computerised replacement for a cash register which is able to record and track customer orders, process credit and debit cards, connect to other systems in a network, and manage inventory, with the use of a card.

The occasion was also used to hold a mini draw to choose one of the winners of its “Swipe to Brazil” promotion.

Mr Steven Kwesi Anim won an all-expenses-paid trip to watch Ghana’s World Cup game against Portugal in Brazil.

The Head of Marketing at Stanbic Bank, Mr Mawuko Afadzinu, said the winners would also have the opportunity to fly with their partners and be accommodated in a four-star hotel.

The winner will also enjoy a group tour with other winners and a category two stadium ticket.

The promotion, which started on February 8, 2014, will end in April this year. It is expected to help customers get inclined to the use of their Visa Card instead of cash.

All a customer had to do to qualify for the promotion was to swipe the card in payment for goods and services. The customer with the highest swipe wins the lifetime opportunity.

Between February 8 and April 10, 2014, there were 7,404 transactions on the promotion which was worth GH¢2.9 million, Mr Afadzinu disclosed.