Mr Yoku Korsah, Chief Operating Officer, Ghana Inter bank Payments and Settlement Systems (GHIPSS), has stated that banking infrastructure challenges in the country, has led to the limited extension of branch, Automated Teller Machine (ATM) and Point of Sales (POS) networks.
He said it was against this backdrop that the Bank of Ghana (BoG) has set up a subsidiary, GHIPSS, to work with banks to develop and improve bank payment systems throughout the country starting from April this year.
Mr Korsah was briefing the media on the operations of the system in connection with the setting up of the E-Zwitch Smart Card in Kumasi on Friday.
He said the establishment of the GHIPSS would also provide a range of technology driven solutions and associated services which support and contribute to the general efficiency of the payment systems and to provide convenient and affordable access to banking services.
Mr Korsah said the card would enable online and offline processing of transactions to ensure settlements of transactions taking place on POS terminals, ATMs and Mobile Banking platforms.
He indicated that the E-Switch works on biometric POS device which holds updatable financial and other user information and also enables clients to undertake bulk clearing of inter bank electronic debit and credit transactions such as standing orders, direct debit and other payment requests.
“Serving as major instrument for financial inclusion and integrating all existing bank switches, the electronic card enhances security, safety and ease of use.” he added.