Ghanaians re-assured of the safety of e-Zwich

Kuntanase (Ash), July 10, GNA - Ghanaians have been re-assured that the newly introduced e-Zwich system, a biometric money transfer mechanism by the Bank of Ghana is safe and sound for all Ghanaian residents. Mr Mark Nyame Boateng, Business Service Department Manager of the Ghana Inter bank Payment Settlement System (GHIPSS), said the product has been carefully designed to fight fraud and other criminal activities.

Speaking at the 25th Annual General Meeting of the Bosomtwi Rural Bank at Kuntanase on Tuesday, he said, "e-Zwich is the outcome of a collaborative effort of the Bank of Ghana (BOG) and other financial institutions to help enhance safety and convenience in banking transactions in the wake of the rising spate of fraud, robbery and other ICT crimes."

Mr Simon Osei-Mensah, Chairman of the Board of Directors of the bank said, the bank made a profit before tax of GH¢368,280.30 in 2007 as against GH¢277,026.64 in 2006 despite the declining interest rate and high crude oil prices.

He said its assets also grew from GH¢6,188,473.99 in 2006 to GH¢8,282,472.56 representing an increase of 33.84 per cent whilst deposit rose from GH¢4,867,045.05 to GH¢6,499,717.37 for the same the period.

Net worth of the bank increased from GH¢892,776.91 in 2006 to GH¢1,136,255.68 in 2007 with a 27 per cent increase in its investment from GH¢2,442,000 to GH¢2,707,000. Advance portfolio increased from GH¢2,322,194.31 to GH¢4,950,010.95 in 2007 representing 76.35 per cent. The Chairman said the bank spent GH¢15,717.02 on social responsibility in areas of education, social amenities, health, security, District Farmers' Day Celebration. He said 17 brilliant but needy children of shareholders in second cycle institutions across the country benefited from the banks scholarship programme.

Mr Eric Osei-Bonsu, Managing Director of the ARB Apex Bank, noted that the performance of most Rural and Community Banks (RCBs) had been very encouraging and said they had consistently registered impressive deposit mobilization and increase in share capital, which were indications of growing public confidence in the Rural Banking. He urged RCBs to adopt prudent internal control systems, customer services and risk management practices to enhance efficiency and reduce risk as well as improve their operations. 10 July 08