BoG to promote electronic payment system

THE Bank of Ghana (BoG) has initiated a programme to phase out the use of Cash and paper payment through the promotion of electronic payment system.

The Programme, known as the Payment System Development Programme, is also designed to reduce payment risks, promote non-cash payment instruments and improve the legal framework for electronic payments, among other things.

The First Deputy Governor of the Bank of Ghana, Mr Emmanuel Asiedu Mante, announced this at the opening ceremony of a three-day seminar organised by NCR Ghana Limited on information technology and communication. It was under the theme, ‘’The role of Automated Teller Machines (ATM) in national development”.

He said it is the responsibility of the Bank of Ghana, therefore, to develop wholesale payment systems such as ATMs since it is in line with its policy of payment systems development.

‘’ATMs represent one channel for the delivery of retail electronic banking services and as such an increase in the numbers will be a good starting point to the electronic payments environment of the future,’’ he noted.

Mr Asiedu-Mante said the policy preference of the Bank of Ghana is for a shared national network system with a central switch owned jointly by banks with payment systems so as to avoid unneccesary costs by individual banks.

He, therefore, commended NCR Ghana Limited for it’s initiative in bringing the banks together to discuss the development of ATMs in the country.

The Managing Director of NCR Ghana Limited, Mr Moses Tetteh, said the seminar is aimed at providing a forum for the banks to share ideas on the success of the ATM since its installation about 10 years ago.

He, therefore, advised the banks to make use of the ATMs because it helps to mobilise money as well as serve as a marketing tool to attract and retain customers.

The seminar is being attended by about 50 representatives from all the banks in the country.

Topics treated at the seminar include ATM security and fraud prevention strategies, new NCR ATMs, the use of the mobile ATM, off-premise ATM development, among others.