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Business News of Saturday, 1 October 2011

Source: GNA

E-zwich money transfer grows by over 700 per cent in 2010

Accra, Sept. 30, GNA - The use of e-zwich money transfer recorded a significant growth in 2010 ending the year with total transfers valued at GH¢ 24.5 million. This represents a growth of 713 per cent over the 2009 figure of three million Ghana cedis. The significant growth is due to the recognition that transferring money through e-zwich is very convenient and fast. Mr Archie Hesse, General Manager in-charge of Project and Business Development at Ghana Inter-bank Payment and Settlement System (GhIPSS) disclosed this in an interview in Accra.

The e-zwich biometric card was established to bring a lot of convenience into the payment system and draw more people into the banking system.

The electronic payment system offers several products but money transfer has become one of the most patronised.

Mr Hesse said, 93In its first year of operation, only GH¢ 600,000 w= orth of money was transferred, but this figure rose by over 376 per cent to thre= e million Ghana cedis in the following year and then experienced a huge jump to GH¢ 24 million last year".

He said, 93The e-zwich money transfer continues to experience a remarkable patronage with about GH¢ 33.5 million transferred between Janu= ary and August this year".

Mr Hesse explained that 93The e-zwich money transfers take various fo= rms including transfer from one card to another card, transfer of cash to an e-zwich card holder, the third party transfer and transfers to multiple recipients through the e-zwich payment distribution system. Of these variou= s forms, the third party transfers are the most patronised". He noted that 93Because money transferred through e-zwich can be accessed through multiple outlets, many people have found it to be very convenient. The transfers can be made from any commercial bank, rural bank or savings and loans company regardless of which bank one saves with. The transfers can also be made through the e-zwich Automated Teller Machines (ATMs)".

Mr Hesse said the Senior High School e-zwich enrolment exercise had also contributed significantly to the patronage of the money transfers as more parents were using e-zwich to remit their children in school. "This development was good because the students were picking the hab= it of using cards and moving away from heavy dependence on cash transactions,= " he added. Mr Hesse urged parents to continue to send money to their children in SHS as well as tertiary institutions through e-zwich because of the convenience and the habit of using payment cards which would be inculcated in them. He commended the universal and rural banks including the savings and loans companies for increasing the outlets where e-zwich services were provided and urged them to even do more since it would also serve as a good source of income to their operations.