Mr Bekoe Palmer-Buckle, Head of Marketing and Direct Sales of Home Finance Company (HFC) Bank has said that the growth in electronic payments systems such as the e-Zwich has significant economic benefits for the entire country.

Mr Palmer-Buckle said this during a sensitisation forum organised by the HFC Bank for its customers on the use and benefits of the e-Zwich card in Tamale on Thursday.

He said the electronic payments system was much more cost-effective on a large scale than cash payments.

"For instance, the total cost of a cash based payment system has been estimated to be between five per cent and seven per cent of the Gross Domestic Product (GDP)." he said.

Mr Palmer-Buckle said the system had numerous benefits for countries that use it, saying that, "the electronic systems can decrease the un-banked population considerably if deployed through salary card schemes".

He said in addition, there are greater retail deposits and the increased velocity of money generated by the electronic payment system contributes to improved financial intermediation, which stimulates economic growth.

Mr Palmer Buckle said the HFC Bank has already “gone live” on the e-Zwich platform with smart cards issued to customers, while point of sale (POS) devices are being installed at vantage points all over the country.

He said the use of the card would take away the risk of loosing cash through negligence, robbery, and fraud and would also empower its users with greater financial independence for transactions and other settlements.

He noted that the operation of the card would serve as a platform for the deployment of other electronic payments and settlements aimed at transforming the economy from a cash-based payment system to an electronic payments system.

Mr Palmer-Buckle urged customers and non-customers of the Bank to get fully involved in the use of the "new and innovative system".


Source: GNA