E-zwich to Double 3 million Bank Accounts

By: Seth Krampah, Kumasi.

Customers of various banks and services are expected to double with the role out of e-zwich and the biometric smart card. Implementers of the National Electronic Payment System are confident the project will help double the current 3million bank account.

Officials of the Ghana Interbank Payment and Settlement Systems (GHIPSS) have sensitised the media practitioners in Kumasi on the deployment of the electronic payment solution. The common platform is to improve efficiency in the banking sector and attract majority of the population to deposit cash in the banks.

Addressing journalists at the sensitisation forum, the Chief Opperations Officer of Ghipps, Mr Yooku Korsah said the product was expected to improve the savings culture of Ghanaians and change the culture of withdrawing money before spending as well as roping a good number of people into banking.

Mr Korsah said people should assess the benefit of the system and feel free to trust the technology of the system.

‘One does not need to understand the technology behind how the system works before one can trust it, the banks have the mandate and the technology to load your money electronically on the card after which you can spend, receive money transfers or transact any business and make payment for goods and services without necessarily withdrawing cash before spending’, he emphasised.

According to Mr Korsah the electronic smart card, utilises the UEPS technology, provides common platform for electronic payment transactions and integrates all existing bank switches as well as establishing interoperability of ATMs of other banks and enables both online and offline payment and settlement transactions.

He said the e-zwich which is a personal product could work anywhere in the country where there is mobile network and the person spending does not pay any fee or commission for using the electronic card.

The Chief Executive Officer of Ghipps Mr Fred France in an interview told the media that his outfit is arranging to get the rural banks to be involved but they might not be directly integrated into their system; they would be treated on a stand-alone basis and collate information and send to the rural banks through the internet or the Apex Bank.

Mr France disclosed that the E-zwich Electronic Smart Card would be operational later this month with four banks on pilot basis.