Vice President Dr. Mahamudu Bawumia, Thursday, celebrated the strides Ghana continues to make in the quest for greater financial inclusion, to ensure holistic national development.
“We have in the past two years seen a convergence towards electronic-based services as a country and it is a deliberate policy by His Excellency President Nana Addo Dankwa Akufo-Addo, to use technology to drive efficiency as we grow the economy and move Ghana beyond aid. Many a time we tend to look at what other countries are doing without recognizing the great strides we are making.
“Today, thanks to the hard work of GhIPSS and partner institutions such as the banks, Telcos and Fintechs, financial inclusion and intermediation has improved significantly. Ghanaians can now move funds seamlessly across the various payment platforms: mobile wallets, e-zwich wallets and bank accounts.”
The Vice president said this at the launch of Gh Dual Card, the world’s first dual-purpose EMV and financial inclusion payment card in Accra.
The new product, being rolled out by the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS), is a two-in-one payment card that has both the e-zwich and gh-link applications.
It can, therefore, be used either as e-zwich, gh-link or both as desired on payment platforms.
According to officials of GhIPPS, the card has been designed to give cardholders access to both funds on their e-zwich cards and in their bank accounts at the same time and seeks to eliminate the inconvenience that comes with carrying multiple Cards.
The card can be used by cardholders for any point of sale purchase across merchant locations; ATM cash withdrawals; ATM PIN change and Balance Enquiry. Thus, any customer who has an e-zwich card and also owns a bank account can opt for a Gh Dual Card instead of two separate cards.
Vice President Bawumia said the dual card is part of the payment system architecture that Government is putting in place.
“What we are launching today, which is the dual e-zwich card and gh-link card, is a world first; it has not happened anywhere in the world. It is the first time that any country in the world is issuing this combined EMV card and a financial inclusion card. It is remarkable, and will further promote financial inclusion in Ghana.”
“In the payment systems space, and I’m not shy about saying this, it is clear that Ghana is now the undisputed leader in Africa.” Vice President Bawumia said it was curtained that Ghana’s Interoperable platforms had improved significantly the country’s National Financial Inclusion drive.
He said the drive had served well the financially excluded and underserved. “Now, practically, everyone has access to basic banking services. Many people have been roped into the formal banking environment under the convenience created by the interoperability and people are accessing credit as well as investing through their mobile phones.”
“With where we have gotten to as a country and the passage of the Payment Systems and Services Act, which the President has assented to, the sky is no longer the limit.”
Source: ISD (Rex Mainoo Yeboah)