E-zwich holders to receive remittances from abroad

Holders of the e-zwich card will soon receive funds direct from family and friends abroad.

The Ghana Interbank Payment and Settlement Systems (GhIPSS ) has collaborated with international money transfer company - UnityLink Financial Services – to spearhead the initiative.

GhIPSS is hopeful that the move will boost interest in the use of the national card.

“For once we now have the mechanism by which remittance companies in the diaspora can send money directed onto you e-zwich card. Once it’s been sent you can go to any bank of your choice. You no longer have to go to specific locations or specific institution to withdraw your money,” the CEO of GhIPSS, Archie Hesse told Starr Business.

According to him, the initiative will reduce the bureaucracy people go through before they receive money from family and friends abroad.

He added: “We have streamlined it and you know that once you have sent to a person’s e-Zwich card it’s only the person who can actually withdraw the funds and nobody else… we are looking at finalizing the arrangement with them (UnityLink) sometime within this week.”

The volume of e-Zwich transaction last year grew about 260 percent rising from GHC 625,167 in 2014 to GHC 2,251,101. The value also grew about 238 percent rising from 272,671,968.15 in 2014 to 922,897,473.19 in 2015.

The Ghana Interbank Payment and Settlement Systems say the high jump recorded last year is as a result of the channeling of proceeds from the Livelihood Empowerment Against Poverty (LEAP) programme, payment of National Service personnel and the school feeding program.