GhIPSS Plans roll out of new products

Accra, June 1, GNA - Management of the Ghana Interbank Payment Settlement Systems Limited (GhIPSS), the body responsible for implementing the National Electronic Payments System, is set to consolidate and expand its e-zwich services to reach the doorstep of all Ghanaians. This would be achieved through enrolment of senior high schools, tertiary institutions and workers at the public and private sectors as well through the introduction of new products to enhance the use of the cards.

Mr Fred France, Chief Executive Officer, who announced this at press conference to commemorate the first anniversary of the Payment System, said significant progress had been made within the period to get people to sign onto the service. To date over 200,000 e-zwich cards have been issued to clients with a total balance of about GH¢930,000.00 on the cards. The e-zwich is a major component of the BOG's payment system which aims at increasing electronic payment in the economy whilst reducing over reliance of cash and paper-based payment system. Mr France said GHIPSS has been able within the last 12 months got 26 deposit money banks onto the platform with 70 percent of them offering e-zwich services to clients.

Six of the banks are also able to offer money transfer from traditional accounts to the e-zwich cards and vice-versa. Other participation institutions include post offices, loans and savings institutions as well as rural banks. Mr France said to expand the services management would work closely with the financial institutions while introducing new products such as mobile banking and payment offerings, salary and wage advances, third party collections and integration of other international payment platforms such as visa and MasterCard to make e-zwhich services more accessible. There would also be technical and operational training for all service providers to ensure increased quality and availability of service.

"Appropriate financial literacy education will be given to all users to bring about the needed attitudinal and behavioural change from cash and paper-based payments to electronic payment system," he said. Mr France said there is enough evidence from countries that had made significant migration to electronic payment that the electronic payment system promoted higher economic growth, reduced corruption and accelerated poverty reduction as well as promoted transparency. "The GhIPSS and the BOG hope the public would realize the benefits of adopting the e-zwhich and other electronic payment products," he added. GHIPSS has already launched e-zwich compliant ATMs and plans to introduce mobile banking soon.