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29.04.2008 Business & Finance

e-zwich launched

By Charity Addo - Ghanaian Chronicle
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The Bank of Ghana in collaboration with the various financial institutions in the country has launched an electronic smart card known as the e-zwich smart card. This card would help individuals to access their accounts at any bank in the country.

The Governor of the Bank of Ghana, Dr. Paul A. Acquah said that Ghana is the first country in the world where the central bank has collaborated with other banks to provide such services to its citizens.

He said although over the years, the Bank of Ghana has relatively put in place modern payment systems, there is the need to still expand the infrastructure, hence the introduction of the e-zwich card which will eliminate the stress customers go through before they get access to their money, among others.

“The payment system has been working smoothly but there is the need to further develop the frontiers of the industry in terms of standards, to suit the needs of our growing economy.” he stressed

He added that the launch of the e-zwich would provide the country with a common electronic platform that would transform the payment system into a state of the art facility in future to serve all financial institutions in the country.

He added that the introduction of the electronic card would establish a level playing field for institutions to compete on comparative advantage and innovation to drive the financial service industry.

Outlining some of the importance of the card, he said the e-zwich smart card could be accessed from the remotest parts of the country since it does not necessary need an electricity and telecommunication service.

Dr. Acquah further added that due to its biometric finger print characteristics, no other person can temper with anyone's accounts.

He said the Bank of Ghana would continue with the necessary public education on the card and expand it into a broad financial education programme.

The President of the Republic of Ghana, his Excellency Agyekum Kufour, who was also the guest of honour for the occasion said the introduction of the e-zwich has proved Ghana's overall vision of being the gateway to the west African sub region and also transforming her into a major financial hub and a significant player in the global financial market.

He acknowledged the role of the Banks in taking this initiative.

President Kufuor expressed anguish about how the financial and banking system have been made inaccessible to a lot of people.

He urged Ghanaians to adopt the smart card and advised employers to recognize the use of the smart card.

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