Business News Wed, 17 Jun 2015

Don’t lose your cash to floods, fires - GhIPSS

The Ghana Interbank Payment and Settlement Systems (GhIPSS) is asking the public to desist from keeping huge sums of monies at home or in their shops to avoid exposing themselves to danger.

Mr Archie Hesse, the Chief Executive Officer of GhIPSS said this in reaction to reports that people lost money during the recent floods.

The national capital, Accra was hit by a twin disaster of flood and fire, which claimed the lives of over 150 people, destroyed properties and displaced many people.

Many victims of the floods also complained that they lost their monies to the flood.

While sympathizing with the victims, Mr. Hesse urged the public to avoid keeping huge sums of money on them.

He advised them to keep their monies with the banks, since having access to their money was no longer a challenge.

He also urged shop owners to have Point of Sales (POS) terminals, so that they can have a lot of their sales in electronic funds, which will not be lost in such disasters.

Mr. Hesse explained that, in the past, many people were not motivated to keep their monies at the bank, because access to cash at the bank, could be cumbersome.

“With your ATM card, you virtually have access to your money at the bank, because you can use the card to shop directly or withdraw from almost every ATM outlet, so that hindrance that existed is gone.”

He also said many banks today; offer internet banking that allows customers to make transfers from the comfort of their shops, offices or homes. “Even cheques are as good as cash these days because it can be cleared same day under express otherwise in two days under normal clearing”, he added.

Mr. Hesse explained that following several developments within the financial sector, cash at the bank is as good as cash in hand and therefore urged the public to use the various non-cash forms of payments to avoid the temptation of keeping huge sums of monies in the shops, offices or homes.

He urged banks to constantly educate their customers on the existence and benefits of these electronic payment options, which he added, will also help decongest banking halls.

He also encouraged relations, who know and use these non-cash payment options such as using ATM cards on point of sales devices, internet banking, and cheques, to share the message with their relations, so that they would avoid the risk of keeping money at home or shops and losing them to disasters.

Source: GNA