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Vice President Dr Mahamudu Bawumia, has launched what has been described as the world’s first dual-purpose EMV and financial inclusion payment card in Accra.
 
Known as the Gh Dual Card, 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 GhIPSS, 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.
 
Speaking at the launch ceremony on Wednesday, 7th August, 2019, Vice President Bawumia celebrated the strides Ghana continues to make in the quest for greater financial inclusion, in order 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.
 
“This dual card is part of the payment system architecture that we are putting in place. What we are launching today, which is the dual e-zwich card and gh-link card, is a world first; its 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 continued,
 
“There is no doubt that Ghana's Interoperable platforms have improved significantly our National Financial Inclusion drive. It has 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 by virtue of 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.”

Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) is set to launch a bank card which has the functionalities of an e-zwich and gh-link card on Wednesday.

The launch is part of efforts to encourage the use of cards for transactions. It is to provide the public with the option of carrying one card with dual functionalities instead of two separate cards.

e-zwich has seen a steady rise in transactions over the past years. In the first half of this year alone, over 5.5 million e-zwich transactions took place, representing an increase of over 51 per cent over the same period in 2018, which was about 3.6 million transactions. The continuous growth in e-zwich transactions suggests that there are several people who use e-zwich cards but also have their regular gh-link cards and are compelled to carry both cards at all times. But with the introduction of the new card, such people can opt for it but still enjoy the functionalities of both. It is anticipated that more people will be inclined to carry one card and use it regularly than to carry two or more cards each time.

The Chief Executive of GhIPSS, Archie Hesse is positive that the various efforts at promoting electronic payments are yielding positive results and new initiatives will continue to be rolled out to further deepen electronic payments in Ghana.

Although cash transactions continue to dominate, available figures point to a gradual reduction, as the volume of electronic payment transactions see consistent growth. In the first half of this year, the volume of electronic payment transactions monitored by GhIPSS stood at over 16 million compared to 12.2 million transactions for the first half-year of 2018, representing an increase of over 31 per cent.

In order to continue to reduce cash base transactions, various efforts continued to be pursued by key stakeholders such as GhIPSS, the Banks, Fintechs and other related organisations. The launch of the new card is, therefore, one of such efforts to encourage more people to opt for electronic payment channels.

Source: Joy Business