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GhIPSS takes E-zwich to the public

By Kofi Ahovi

THE Ghana Interbank Payment and Settlement System (GhIPSS), a wholly owned subsidiary of the Bank of Ghana, has organized a-two day banking fair at the Accra Mall as part of efforts to speed up the use of the biometric smart card (E-zwich) introduced earlier this year.

The Head of Projects and Business Development of GhIPSS, Archie Hessey told business week that the exercise became necessary after consultation with Ghanaians who claimed they were unable to sign up for the system due to busy schedules during the weekdays.

He explained that GhIPSS would organize another exercise at a different location to ensure that majority of Ghanaians become are covered.

The exercise also gave shop owners at the Mall to acquire the Point of Sale (POS) who hitherto did not have.

The Bank of Ghana in collaboration with the Ghana Association of Bankers introduced the E-zwich in the country in as part of measures to reform the national payment and settlements system,

Prior to the introduction of the system, banks in the country were asked to integrate all existing switches into the E-zwich, issue E-zwich smartcards to each individual personal customer, deploy E-zwich teller devices at all branches and agencies as well as deploy E-zwich compatible POS devices at all existing and future acquired merchant outlets.

The banks were also asked to upgrade existing ATMs and POS devices to meet the E-zwich standards or be replaced with E-zwich compatible ATM or POS devices.

Apart from managing the E-zwich GhIPSS also manages the payments and settlements system in Ghana. These include; National Switch, Biometric Smart Card, Cheque Clearing, Code line Cheque Truncation, Real Time Gross Settlement System (RTGS), Automated Clearing House (ACH)

E-zwich is the brand name for the common platform (the National Switch) that links the payment systems of all banks, savings and loans companies and rural banks in Ghana.

It enables loading and spending of e-cash and also allows the settlement of inter-bank claims in addition to online transactions. Customers are able to effect transactions offline in underdeveloped areas where power and communication infrastructure maybe lacking.

All transactions occur between a customer card and another card in a POS or ATM.

Biometric Smartcard (E-zwich Smartcard), is a new very secure way of paying for goods and services for all Ghanaians online and offline.

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