Use of electronic transaction cards hailed in Ghana

Patrons and service providers of the E-Zwich electronic transaction card -- introduced in June and July by the Ghana Interbank Payment and Settlement System (GHIPSS), a subsidiary of the Bank of Ghana -- have hailed the new product for making business transactions easier.

At a banking fair organized by the GHIPSS and Ghanian banks to encourage registration, most card bearers lauded the product for its ease of use and biometric fingerprint security.

The banking community, in the meantime, is optimistic that the card will increase customer base.

The possible bankable population of Ghana is pegged at 10 million, out of which only 3 million hold accounts with the country's 25 licensed banks, said GHIPSS project manager Archie Hesse.

The E-Zwich program has so far registered 20,000 subscribers in two months of operation, while 2,000 merchants have purchased the POS (point-of-sale) device to provide services to card bearers.

Though managers of the E-Zwich platform say they are satisfied with the level of patronage, some customers have complained about inadequate POS within the area of service.

Banks, however, are helping to spread the E-Zwich system by introducing it in their branches across Ghana's 10 regions. The GHIPSS will also organize similar fairs across the country for selected groups, including cocoa farmers, swift business communities, universities and oil marketing companies.

The Bank of Ghana has issued a directive to all banks to register existing customers by December 31 and to begin compulsory registration of new customers by Sept. 1.