Dart Introduces Electronic Banking

Dart Communications, a local Ghanaian Company has introduced an electronic banking system into the banking industry in Ghana.

By this system, Dart Communications is to provide value added service and networks to the banking sector and it is doing this with its South African counterpart, Orbicom, the largest commercial satellite services operator in Africa wholly owned by Black Empowerment Company, Johnnic Limited. Lauching the new business initiative in Ghana, Mr.

Rufus Andrew, Director of Dart Communications and General Manager in charge of Business Development of Orbicom (Pty Limited explained that "all banks in Accra including the Bank of Ghana can be connected via a dedicated wireless network, a switch which offers both real time online transactions and the ability for commercial banks to clear and settle electronically." He further explained that the network offers consumers from the participating banks safe and secure banking transactions with merchants who choose to connect to the system. According to Mr.

Andrew consumers will have to apply to participating banks for a debit card that will allow them to make purchases using the system, adding that, "the system offers the consumer the convenience of making payments electronically eliminating the carrying of large sums of cash". He only limit to transactions made is the money in the cardholders account Mr. Andrew explained adding that all transactions with the debit card are recorded at the cardholder's bank and recorded instantly at the Merchant's bank. Mr.

Andre noted that "Dart Communications will employ local technically trained personnel and is embarking on various levels of skills transfer. A Director of Dart Communications, Mr.

Richard Darko said "with this system in place, the Bank of Ghana will be able to track transactions and the circulation of money in the system more accurately." Launching the new business initiative, Mr. Harry Sawyer, a member of the Council of State said that the challenges facing Ghana today in the area of information technology is its fast pace of change and the need to keep pace with the changes.

He said, the successful restructuring of Ghana's telecommunications sector has paved the way for a respectable increase in private sector participation in the establishment of modern communications infrastructure and the provision of a variety of service. Ghana, he said, is poised to play a leading role as the gateway to investment opportunities in the telecommunications sector recognising that it is a necessary engine of growth of traditional sources.

Mr. Sawyer noted that the new network will impact enormously on the speed and efficiency with which the banks can conduct their businesses which will result in better customer services. He said while the Government was exploring avenues to improve further on the information and communication technology in Ghana, it was also involved in discussions to introduce tele-medicine technologies in Ghana's health delivery system. The Managing Director of CAL Merchant Bank said the new system will provide convenience and relative security for bank customers, reduction in the handling of cash to save operational cost and on- line connectivity will also speed up inter-bank electronic settlements at speed initially unprecedented in Ghana's environment. "Technology will drive business and that is why we whole heartedly support this project," he said.

The new business system will employ terrestrial UHF and microwave broadband technologies and will interface with computer hardware and software systems.