Gov't encourages electronic payment system

The Governor of the Bank of Ghana, Dr Henry Kofi Wampah, has stated that the government is adopting measures to move banking transactions from the manual payment system to the electronic payment platform.

He said the electronic payment system was necessary for effective payment and promotion of financial stability and would eliminate leakages in transactions and payments across the country and ensure security of government’s transactions.

Dr Wampah, therefore, tasked the financial sector and institutions to take advantage of the current situation and create opportunities and awareness on the electronic payment system.

He made this known when he addressed the second day of the innovation-week (I-Week) celebration in Accra on Tuesday.

The annual celebration, dubbed, I-Week, is aimed at promoting Information and Communications technology (ICT) innovation in Ghana and the Economic Community of West African States (ECOWAS) sub-region through a combination of seminars, interactive presentations, case studies, hands-on training, as well as the exhibition of innovative products.

This year’s celebration, which is on the theme: “Digital Payments and E-Commerce: Embracing a cash light economy” focuses on how Ghana could better leverage current technological developments to build attraction towards a cash-light economy.

Dr Wampah said the government’s vision was to build a strong financial sector and mobilise funds to be integrated into the global financial system through a regulatory and supervisory system that promoted efficiency.

Over the years, he said, the Bank of Ghana had been promoting safe and efficient payment systems in the country.

The governor touched on the rise in fraudulent activities and said it was one of the areas which discouraged people from developing interest in the electronic payment systems.

He urged financial institutions using electronic payment systems to ensure tight security to protect the finances of clients and advised the youth to be creative, innovative and be abreast of Information Technology to support development in the country.

For her part, the Director-General of the Advanced Innovative Technology Institute (AITI), Ms Dorothy Gordon, encouraged young IT professionals to take advantage of the opportunities available to them.