Fidelity Bank introduces electronic banking

Accra, Sept. 14, GNA - Customers of Fidelity Bank can now access all banking services in their homes and offices and at anytime of the day by the touch of a button on a computer or on the mobile phone. Mr Abdual-Samed Iddrisu, Director, Transaction Banking at Fidelity Bank, who announced this on Monday said: "We have opened our largest, most available and most accessible branch - and its location is known as Planet Earth, for wherever you are in the world, Fidelity Bank customers now have the digital freedom to transact their business when they want, where they want and at a time of your choosing."

The new banking services dubbed: "Fidelity Virtual," provides the opportunity for customers to check their balances and account activity, transfer funds between accounts held at fidelity and to other Fidelity Bank customers, view and print statements of accounts, request cheque books, request for exchange rate and send a secured message to the customer care centre through SMS.

In addition, Fidelity Virtual would enable internet banking, mobile money transfer and ATM services.

Mr Iddrisu said the Bank had also put in place security measures to prevent people involved in internet crimes from penetrating their system, assuring customers that transactions made online are like those made personally at the bank.

Explaining how the Fidelity Virtual system works, he said customers must first register for a login ID and a Personal Identification Number (PIN) known only to the customer.

The system will automatically log a user off after eight minutes of inactivity to prevent people from chancing on customers' personal banking information.

Further, the Fidelity internet banking computer system is protected 24 hours a day by powerful firewall software that blocks unauthorized entry.

With the SMS banking, only the cell phone number that customers use to access the Fidelity Virtual Service will be recognized for all future SMS banking requests.

Mr Iddrisu said: "Rest assured that as technological advances become available, Fidelity Virtual will also evolve in tandem, to serve our customers with more benefits and create further business opportunities for both corporate and private banking clients." Mr Millison Narh, Deputy Governor of the Bank of Ghana, noted that it was important that all financial institutions embraced and harnessed the capabilities of Information Communication Technology (ICT) to promote strategic decision making, enhance risk management systems and efficient customer relationships.

He said the Bank of Ghana had put in place a strong legal and regulatory framework designed to support a safe and efficient payment system which is critical for the effective functioning of the economy. "The combination of technological advancement, telecommunication and banking services hold the potential to transform the payment and settlement systems as well as provide a strong pillar of growth in the economy."

Mr. Narh said the national switch (E-zwich), a common platform which had been designed to link all banks and non-bank financial institutions, was in place to ensure a comprehensive payment system. He said with time there would be a gradual shift towards the use of electronic means of payment (E-zwich), adding that such interventions would decrease the use of cash transactions and increase financial intermediation.

Mr Narh said the Bank of Ghana would continue to exercise firm oversight of the payment system to ensure a sound financial system. Mr Haruna Iddrisu, Minister of Communications, who launched the product, said government would continue to provide the enabling environment for the banking sector to grow while strengthening the regulatory systems.

He announced that the Fiscal Stabilization Levy introduced by government to be paid by big commercial organizations, including the banks, would not be implemented over a long period of time. "The Fiscal Stabilization Levy would end in 2010 to enable the banks to operate more freely, so don't worry," he said. 14 Sept. 09