Banks that issue domestic cards have made some progress in converting them from magnetic stripes to Europay, MasterCard, Visa (EMV), the global standard for chip-based Debit and Credit Card transactions.
The EMV technology has an enhanced security system and is therefore encouraged globally as the preferred bank card technology.
The move is a joint effort between Europay, MasterCard and Visa to ensure security and global acceptance.
The Ghana Interbank Payment and Settlement Systems (GhIPSS) is spearheading the EMV migration in Ghana and have urged financial institutions to ensure that their cards are EMV compliant.
Mr. Archie Hesse, the Chief Executive of GhIPSS, in an interview, said some banks were already EMV compliant and urged the remaining banks as well as savings and loans companies to work assiduously to ensure that their cards are also EMV compliant within the shortest possible time.
He explained that the conversion was important to ensure that customers are guaranteed the security of transactions undertaken with the cards.
While the foreign branded cards in Ghana, mostly Visa and MasterCard are already EMV compliant, a number of the gh-link card issuing banks have also completed the process and are also EMV compliant.
Others are however at various stages of completion.
GCB Bank, National Investment Bank, Republic Bank as well as ARB Apex Bank, which serve Rural and Community banks, have successfully completed the process, making their cards EMV compliant.
Bayport, Bond, Best Point and Service Integrity are savings and loans companies whose cards are also EMV compliant.
The other banks, as well as savings and loans companies, are at various stages of completion, to move their cards from magnetic strip to EMV.
A number of banks who currently do not issue domestic cards but serve as acquirers are also EMV compliant. These are Ecobank, Standard Chartered Bank, Zenith Bank and Universal Merchant Bank. The rest are GHL Bank, and Consolidated Bank Ghana.