National Payment Strategy workshop opens in Accra

The Bank of Ghana (BOG), in collaboration with the Standard Chartered Bank and the Ghana Inter-Bank Payment and Settlement Systems Limited, has organized a national payment workshop to develop an efficient and effective payment system for the country.

The three-day workshop, which is being run between June 19 and 21, brought together stakeholders in the banking industry to dialogue and chart the way forward in strategizing an effective payment system.

The workshop is on the theme “Driving Efficiency and Value Through Innovative Payments Solutions”.

Mr Seth Tekper, Minister of Finance said the theme is timely because it would help stakeholders to adopt strategies for the effective implementation of fiscal and monetary policy.

Mr Tekper said the country’s vision for the financial sector is to build efficient and a reliable financial system to enhance an effective mode of transfer for the payment system and improve productivity in the country.

He said with the advancement in telecommunication, electronic payment systems are rapidly replacing the traditional modes of payment that involved personal contact between buyers and sellers.

Mr Tekper said electronic payment systems entail online financial transactions that utilize some form of a digital financial device, such as e-tokens, e-cash and checks.

He further explained that electronic payment systems allow financial institutions, businesses and the government to offer a variety of payment options to their customers, including automated teller machines, debit cards, credit cards, mobile banking and payment of bills through the phone.

Mr Tekper stated that an effective implementation of an efficient and reliable payment system would help curb the menace of internet fraud and ensure security by protecting client’s private information.

BOG Governor Kofi Wampah said the payment system has become an integral part in banking and in facilitating effective transactions as well as ensuring financial stability.

He added that there was the need to develop effective payment system to provide interface and integrate the nation’s regional trade and investment, hoping the workshop will identify areas that will ensure efficient financial and cross border payment system.

Mr Kweku Bedu-Addo, Chief Executive Officer of Standard Chartered Bank, said technology has changed the face of banking in modern times and that it behoves on players in the industry to be abreast with modern trends of banking.

He noted that some of the topics to be discussed include Ghana’s payment infrastructure and operations, cash settlement system and the voice of customer feedback.