The Chief Executive of the Ghana Association of Banks, John Awuah, has revealed that online banking and other services offered by commercial banks have been fully restored.
According to him, this was done due to the resilience structures built.
He noted that as banks, “we have always built in three resilience structures for developments like these” and this helped us to quickly recover to offer services.
He added that “all the banks have their primary sites, secondary, and other channels that they can fall on. And don’t forget, these are regulatory requirements."
The Chief Executive of the Ghana Association of Banks disclosed this on PM EXPRESS BUSINESS EDITION with host George Wiafe on March 21, 2024.
Some of the banks have “your normal connectivity with fiber, some have radio as secondary redundancy line and in some cases satellite”, he mentioned.
“Today I have done two separate transactions through the various banking platforms”, Mr. Awuah continued.
Restoring confidence in online banking and other transactions
There have been concerns that the development could affect confidence in online banking and virtual products.
But Mr. Awuah disagrees, saying, “Looking at the time that we were able to restore full service, there is no way this will push people from these services and product offerings”.
Mr. Awuah noted, “Based on the systems that we have built; we also moved to assure customers that all their funds are safe and there is no need to be worried.
“At the bank level, we can assure everyone that everything is safe”, the CEO of the Ghana Association of Banks said.
But has the banking system built the necessary system to withstand future? Mr. Awuah insisted that should not be seen as a problem for now and going forward.
He believes a lot more needs to be done to build more “backup” to minimise the expected shocks.
This is because several of the commercial banks had their data centers hoisted locally, and the recent internet disruptions didn’t impact their operations much.
Latest Stories
-
Ghana risks losing port traffic to neighbours over Covid-19 tax – GPHA warns
44 minutes -
Mahama’s to deliver first SONA in second term as he resets Ghana with bold economic vision
59 minutes -
We are determined to win the galamsey fight- Vice President
1 hour -
Zelensky to meet Trump in Washington to sign minerals deal
2 hours -
Instagram may launch separate Reels app to take on TikTok – report
2 hours -
Ghana’s 2024 total exports reach GH¢294.9bn
2 hours -
GPHA collaborating with Customs for extension of intrusive container inspections
2 hours -
State yet to receive analytical report on alleged ‘drugs’ found on 3 women
2 hours -
My client is suffering in custody – ‘Sexy Dondon’s lawyer tells court
3 hours -
Saglemi Housing Trial: AG files nolle prosequi to discharge Collins Dauda, others
3 hours -
‘Pilot Training School in Ho to take off by end of 2025’ – Togbe Afede
3 hours -
Amorim will speak to Man Utd’s Garnacho about sub reaction
3 hours -
Endrick scores as Real Madrid beat Real Sociedad in Copa del Rey
3 hours -
Arsenal title hope fades after Forest draw
3 hours -
KNUST food research scientists find harmful banned substances in some tomato paste
4 hours