Mobile Phone Banking System In Offing

Ghana's financial sector is moving into another gear with the introduction of mobile banking system by September this year, Finance and Economic Planning Minister, Kwadwo Baah-Wiredu has said.

According to him, the abolishment of taxes on all mobile phones by the government is part of moves to introduce a system which will complement the e-zwich, an electronic platform system.

Mr. Baah-Wiredu disclosed this at the launch of the e-zwich payment system yesterday.

While the e-zwich will use a biometric smartcard to facilitate access to and transfer of money, and also remove the cumbersome and insecure processes of using cash, the mobile banking system will basically be the usage of mobile phone to transact banking business.

On his part, Dr. Paul Acquah, Governor of the Bank of Ghana said the Central Bank will also introduce an Automated Clearing House System and a Codeline Cheque Truncation System soon, to further enhance and deepen the financial systems.

“As we all recognize, the cellular phone is a very efficient vehicle for communication and exchange of ideas and information.

It provides a powerful means for conducting business transactions with improved productivity”.

Dr. Acquah noted that the legal and regulatory framework aside, a sound financial system must be underpinned by a safe and efficient payment system infrastructure; one that allows secure and prompt completion of transactions which is an essential condition for good economic performance even in the best macroeconomic policy environment.

He said all the financial sector reforms are geared towards bringing into fruition the various payment systems.

The Banking Amendment Act, the Payment System Act, the Central Securities Depository Act, the Foreign Exchange Control Act and the Anti-Money Laundering Law are all laws that have been enacted while the Borrowers and Lenders bill and the Non-Bank Financial Bill are awaiting passage by parliament.

By Charles Nixon Yeboah