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Business News Sat, 17 Jan 2009

AGI holds forum on e-zwich

Accra, Jan. 17, GNA - Mr. Yoku Korsah, Chief Operating Officer Ghana Interbank Payment and Settlement Limited (GHIPSS), has asked members of the Association of Ghana Industries to consider using the e-zwich in the payment of salaries and wages of their employees. Speaking at a business luncheon for members of the AGI, Mr Korsah said the move would not only remove the difficulties in paying over the counter but also encourage the habit of savings among the employees. He said the essence of the common payment platform was to bring together the isolated payment systems and to ensure that all sections of society have access to banking services, irrespective of their location through the biometric smartcard.

The e-Zwich smartcard is a secure way of paying for goods and services based on finger print identification. The card can also be used to perform various banking and retail functions such money transfers, wage payment and bill payments among others from e-zwich point of sale or ATM across the country. Besides, the smartcard would significantly reduce the usage of cash for business transactions and move the economy towards electronic payments.

Mr Korsah said the biometric (finger print) smartcard was designed to function in location without electricity and telecommunication equipment and also eliminated the need to have basic literacy and numeracy to operate a bank account.

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It also offers protection against fraud. Mr Korsah said plans were advanced to enable government to pay salaries of employees as well as monies due pensioners through the e-zwich system.

There are also discussions to encourage the revenue agencies to use the system in their cash collection processes. He urged operators in the informal sector to embrace the system to ensure its success. So far 147,000 cards have been issued and efforts were underway to ensure the attainment of about one million holders. Mr Tony Oteng-Gyasi, President of AGI, encouraged members who had acquired the e-zwich system to use them for the good of their companies. 17 Jan. 09

Source: GNA
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