e-Zwich Money Transfers Grow more than 100 percent in 2011

Money transfer transactions through the e-zwich payment system saw a significant growth in 2011, going up by over 147 percent compared over the same period in 2010.

Over 60.6 million Ghana cedis worth of funds were transferred last year compared to 24.5 million Ghana cedis in the previous year.

In terms of volume, some 225,253 money transfer transactions took place last year compared to 100,500 in the previous year.

In its first year of operation, only 600, 000 Ghana cedis worth of money was transferred through the e-zwich, moving up to three million Ghana cedis in 2009.

According to the management of the Ghana Interbank Payment and Settlement Systems (GhIPSS), traders, and parents whose wards were in second and third cycle institution in particular had embraced the e-zwich for internal money transfers because of the convenience associated with its use.

While other internal money transfers are specific to banks, the e-zwich allows money to be transferred and received from any bank.

Additionally, it is possible to transfer money from the e-zwich ATMs.

These features, officials say had led to the continuous growth in e-zwich money transfers.

Mr Archie Hesse, General Manager in charge of Project and Business Development, GhIPSS, said in an interview that figures from this year suggested that more and more people were resorting to the e-zwich for money transfers.

He said GhIPSS will continue to work hard to ensure high patronage of the service throughout the country.**