Acquire information on operations of E-zwich- Banker

Tema, May 8, GNA -- To derive the full benefit of the National Electronic Payments System (E-zwich), the general public were on Thursday advised to acquire the necessary information on its operations before subscribing to it. Mrs. Mary Dei Sarpong, Business Development Manager of the Ghana Interbank Payment and Settlement Systems (GhIPSS) operators of the

E-zwich noted that potential subscribers should not hesitate to ask questions covering its operations from any bank before subscribing to the system.

Giving a presentation on the system at the May 2008 meeting of the Tema Regional chapter of the Ghana National Chamber of Commerce and Industry (GNCCI), she explained that without doing so, merchants and customers may benefit only from its transaction purpose. Stating the other purpose of the E-zwich, the Development Manager said the system could be used for funds deposits, cash transfer to another card, cash withdrawals, merchant settlement at end of business and the payment of utility bills. She noted that, apart from its nationwide accessibility, the E-zwich would reduce cash handlings, ensure personal safety in payment system due to its biometric authentication and eliminate inflationary price rounding-up practices. Other benefits include the provision of authentic consumer data, saving

of money for currency replacement as well as deepen financial intermediation.

Touching on the reasons that necessitated the introduction of the E-zwich, Mrs Sarpong said, apart from the 24 major banks in the country concentrating in the urban centres, most of them also have limited branch network and Automated Teller Machines (ATM). She further stated that only 20 percent of potential customer base of 10 million people were banking, adding that, currently the banks holds less than three million accounts across the country leaving 80 percent of cash outside the banks. Mrs Sarpong indicated that in a bid to provide a common platform for payments, the Bank of Ghana set up the GhIPSS to work with the banks to improve the payments systems by providing a range of technology driven solutions and associated services. Madam Victoria Maami Ekua Hajar, Chairperson of the GNCCI urged business minded people to hook onto the E-zwich system to improve upon their services as well as derive more income.