Central Bank steps up education on e-zwich

Accra, July 18, GNA- The Central Bank is stepping up its education to banks and savings and loans companies on the e-zwich common platform and biometric smartcard. This follows the introduction of the smartcard and passage of Anti-Money Laundering and the Credit Reporting Acts. A statement issued by the Central Bank, said with effect from September 1, 2008, all new personal customers of banks and savings and loan companies must be issued with an e-zwich smartcard as part of the Know Your Customer (KYC) process. It said "Also, e-zwich smartcards must be issued to all existing personal customers by December 31st, 2008 as part of KYC procedures".

The statement said to make it easier for the "unbanked" to open bank accounts, under the new guidelines account, opening procedures for people who engaged in low value transactions, that is, below GH¢10,000, no longer required proof of residence such as a utility bills. "While such proof is desirable, it is no longer obligatory unless where the bank considers otherwise. In any case these customers should be issued with e-zwich smartcards." The Central bank said in addition to all the other benefits of using the e-zwich smartcard, these measures would eliminate identity fraud in the banking system because the fingerprints of individual customers on the e-zwich smartcard are unique.