G-Switch Processes 2.1 Million ATM Transactions in 8 Months

By Kofi Ahovi
Global Switch (G-Switch), Ghana’s leading independent inter-bank transaction switching and electronic payment processing firm, powered by Clydestone, has processed over 2.1 million ATM transactions for two of its member banks between January and August 2011. Fidelity Bank and Ezi Savings & Loans are currently on G-Switch’s ATM shared platform.

The company provides transaction switching, third party processing and electronic fund transfer (EFT) hosting services to banks, Independent Service organizations (ISOs) and Microfinance institutions (MFIs). The platform operates a secure, real-time and regulatory compliant processing platform located in Accra, Ghana. Settlement of all G-switch local transactions is done through the Ghana Interbank Payment and Settlement Systems Company (GhIPSS).

According to a statement from G-Switch and signed by its Chief Executive Officer, Paul Jacquaye, the company is a global acquiring partner for China Union Pay (CUP), the world’s largest payment card with over 28 per cent global market share. As the first switching platform from West Africa to be certified by CUP - the Chinese Bankcard Association; all banks on the G-Switch platform can accept CUP transactions on any of their touch points if they so desire.

He informed that in 2009, G-Switch signed a Global Partnership agreement with CUP to expand the acceptance of CUP cards globally, particularly in Africa. Connectivity to CUP by G-Switch is through their international frontend processing system in Hong Kong.

To complement the cashless strategy of Bank of Ghana, the company has commenced a pilot scheme with two local banks on the implementation of its mobile payment solutions called G-Link, which is for millions of Ghanaian banking population who have smart phones but excluded from the existing mobile payment services targeted at the un-banked, informal market and rural population.

While shedding more light on the application, Jacquaye explained that G-Link “allows bank customers to perform financial and non-financial transactions” such as account balance inquiry, mini statement, credit card statement, loan and fixed deposit statement, funds transfer between the accounts, stop payment, large amount alert, loan request, credit/debit card request and cheque book request.

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