Three banks launch debit card

Transaction Management Systems Limited, operators of interbanking services and merchant network in the country, has launched a financial product that seeks to reduce cash transactions in the national economy.

The product, known as e-card, is an electronic cash card to be used to transact business.

The banks that came together to develop the product are CAL Merchant Bank, ECOBANK Ghana Limited and The Trust Bank.

Dr Jean Nelson Aka, Managing Director, ECOBANK Ghana Limited, said the e-card offers numerous benefits, which include reducing cash in circulation, making shopping very convenient, increasing cash in banks and reducing congestion at banking halls.

He said the inter-bank network of the three banks will be activated to facilitate online processing of transactions initiated by the e-card product.

He said the e-card also has the unique feature of providing customers with an efficient, reliable and convenient online means to access funds and make payments in a secure manner.

Dr Aka said by teaming up, the banks have made efficient use of their shareholders’ funds through cost-sharing and also widened their reach to the public, making their services more accessible to clients.

Mr Frank B. Adu (Jr), Managing Director of CAL Merchant Bank, explaining how the card works, said it offers faster, convenient and easier service.

He said the card eliminates the inconveniences of carrying large amounts of cash at all times.

Mr Felix Owusu-Adjapong, Minister of Communications and Technology, who launched the product, assured the banks of government’s preparedness to support the initiative.

He said the private sector has been identified as the engine of growth for the ailing economy and added that efforts will be made to create the enabling environment for that sector to contribute meaningfully to the socio-economic development of the country.

He said government is developing a policy that will pave the way for a framework for partnership between the private sector and government to flourish in the field of information technology.

He said to be part of the global digital economy, banks must develop their own local information network that people from outside can access.