The Bank of Ghana will soon introduce Automated Clearing House for bulk debit and credit transfers as well as a Codeline Cheque Truncation systems to further improve on the country’s payment system, Central Bank Governor, Dr Paul Acquah said on Monday.
Speaking at the launch of the e-zwich common electronic platform, Dr Acquah said these systems together with the Real Time Gross Settlement and the Central Securities Depository (CSD) system would modernize the payments landscape.
“This payments system has been working smoothly but needs to be further developed to the frontier of the industry in terms of standards, to suit the needs of our growing economy, bringing most economic activities into the financial system,” he said.
The Bank has also issued a provisional license for a credit reference bureau to be established that will improve the flow of information necessary for informed assessment and pricing of risks, while protecting the confidentiality of such information and credit worthiness of borrowers.
Dr Acquah lauded the legislative reforms that had made it possible for a modern banking and financial services industry, especially the Banking Amendment Act, the Payment System Act, and the CSD Act, among others.
According to him a safe and efficient payments system was a key component of the economic and financial infrastructure.
Dr Acquah said the e-zwich platform would make possible electronic payments to all Ghanaians whether banked, unbanked or underbanked because of its easy accessibility even in the remotest parts of the country, where electricity and telecommunication services might be unavailable or unreliable.
The e-zwich smartcard has a biometric identification that allows the card owner to approve all transactions using the fingerprint.
It can receive or transfer value in both online and offline modes.
Dr Acquah said it would provide a level playing field for institutions to compete on comparative advantage and innovation to drive the financial services industry.
It should enhance effective mobilization and re-allocation of resources.
Mr Joseph Nii Badu Tetteh, Acting President of the Ghana Association of Bankers, said the banks would continue to expand their frontiers through innovative products to ensure the provision of adequate financial services to all.
Source: GNA
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
Latest Stories
-
Biden commutes most federal death sentences
16 minutes -
Hollywood stars support Blake Lively over legal complaint
19 minutes -
GMeT warns commuters of intensified harmattan conditions
30 minutes -
Honda and Nissan join forces to take on China in cars
31 minutes -
CETAG threatens indefinite strike over breach of agreements
57 minutes -
Fifty 50 Club lauded for impactful social interventions
1 hour -
Konongo and its environs risk water shortage as Owerri River ‘stops flowing’
1 hour -
Dr. Stacy Amewoyi launches new books and expands philanthropic efforts across Ghana and US
1 hour -
Hindsight: Legon Cities’ five years of fugazi money
2 hours -
JoyNews’ Kwasi Debrah ties knot with Dr. Neta Pasram in beautiful ceremony
2 hours -
Wimbledon winner Purcell admits anti-doping breach
2 hours -
Political party influence undermines leadership independence, says Prince Kofi Amoabeng
2 hours -
CHASS advises against reopening schools on Jan. 3 until financial arrears are cleared
2 hours -
Newmont’s Akyem Vocational Institute unveils battery-powered fufu machine at graduation ceremony
2 hours -
Newmont reinforces cultural heritage commitment in host communities
2 hours