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Business News of Saturday, 28 March 2020

Source: GNA

BoG urges stakeholders in financial sector to intensify education on e-payments

Governor of the Bank of Ghana, Dr. Ernest Addison Governor of the Bank of Ghana, Dr. Ernest Addison

The Bank of Ghana (BoG) has encouraged stakeholders in the financial sector to intensify public education and sensitisation on the new electronic payment system including the use of Universal QR Code Payment Service and Proxy Pay for efficient and convenient payment.

Speaking at the launch of the Universal QR Code and the Proxy Pay in Accra on Wednesday, Dr Ernest Addison, the Governor of the Central Bank, said the QR Code and the Proxy Pay had the potential to become the game changer by supporting merchants and non-bank entities to accept payments from customers of different financial institutions

The new payment solution, he said, would also speed up digitisation of payments to distributors, wholesalers, and suppliers as well as encourage users and merchants to accept and use electronic payment platforms.

"This will further provide a boost to the financial inclusiveness through the digitisation agenda,"Dr Addison noted.

The Governor of the Central Bank said for the public to have confidence in the electronic payments, it was imperative to create the needed awareness of such electronic payment platforms, in order to enhance public confidence and acceptability.

Dr Addison urged financial sector players to improve the cyber security features of those payment platforms by using latest technology such as machine learning and artificial intelligence.

Beyond that, he said, it was prudent to offer dedicated platforms for resolving customer complaints timeously, and also provide assurance to boost customers' confidence in the electronic payment products.

The Governor urged banks to continue working with the existing financial service providers and integrate new ones to develop new products that suited into the changing trend of the business climate.

"Let me state that the high penetration of electronic wallets and mobile phones has positioned Ghana to leverage on the Universal QR Code and Proxy Pay to advance our quest for a cash-lite economy, as we improve financial inclusion agenda," the Governor of BoG said.

Dr Addison acknowledged the contributions of the Ghana Inter-bank Payment and Settlement System and other stakeholders for working diligently towards the launch of the Universal QR Code Payment Service and Proxy Pay in the country.