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Ghana’s Efficient Payment System Has So Far Been Successful

Posted by Osei Agyemang
Vice President of Ghana Dr Bawumia (3rd from right) with some heads of Financial institutions in Ghana

Financial Institutions including the Bank of Ghana has been commended by the Vice President of the nation, Dr. Mahamudu Bawumia, for the huge roles they have played towards the fruitful execution of Ghana’s payment system.

Dr. Bawumia identified various initiatives that have prompted the country’s successful payment system, including successful implementation by the banks.

As indicated by the Vice President, Ghana’s advancement in the payment and settlement systems have been prodded by the Central Bank’s endeavors to convey pertinent homegrown policies to help an efficient payment system.

Ghana has taken critical steps in such manner through the launch of Ghana Interbank Payment and Settlement System (GhIPSS), Real Time Gross Settlement System (RTGS), Check Codeline, Clearing System (CCC), the National Biometric Smartcard (E-zwich) and the National Switching and Processing System (gh-Link).

As banks keep investing into digital platforms to work with ease in trade and transactions, embracing a more fintech approach will spike growth to assist their treasured customers.

Dr. Bawumia also recognized the Bank of Ghana and the Ministry of Finance for introducing cordial arrangements, which made it workable for financial establishments to support organizations, just as improve digitization.

Dr Bawumia acknowledged the Ministry of Finance for launching different approach drives like The National Financial Inclusion and Development Strategy, The Digital Financial Services Policy, The Cash-Lite Roadmap, among others as a method for extending monetary consideration and speed up the shift to digital payments.

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Such approaches among other steps, keep on extending Ghana as a nexus of digital payments. As Ghana hope to speed up digitization on all fronts, utilizing the African Continental Free Trade Area (AfCFTA) is a positive step in the right direction.

With the introduction of the E-Cedi in the offing, the Vice President encouraged business banks to be proactive in creating digital resources and products for various categories of clients.

All stakeholders have additionally been beseeched to explore potential cooperative energies and organizations in advancing digital technological innovation in a bid to redefine the banking sector which will ultimately spur economic growth.

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