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Business & Finance | Dec 22, 2004

Banks urged to institute robust risk management systems

GNA

Accra, Dec. 22, GNA - Mr Emmanuel Asiedu-Mante, First Deputy Governor of the Bank of Ghana (BoG), on Tuesday called for robust risk management systems in the country's Banks to safeguard the integrity of the financial system.

He said with the rapid deployment of technology by all the Banks to make banking convenient for their clients, it was important that effective measures were adopted against fraud to safeguard the funds of customers.

Mr Asiedu-Mante was speaking at the launch of a range of four Visa Debit Card Products by the SG-SSB Limited for its international and domestic customers.

The Deputy Governor lauded the initiative of Banks in introducing innovative products to improve the payment system and cut down on the use of fiscal cash.

However, Banks must undertake impact assessment to find out the extent to which the electronic cards had met the needs of their customers.

Mr Mante said the BoG would continue to institute measures to further improve on the payment system as well as reduce the use of cash-based transactions.

In this direction, he urged the Banks to cooperate in building the planned common platform to link all Automated Teller Machines to make it easy for electronic card users to withdraw money from any Bank's ATM across the country.

Mr Mante said the BoG would assert its monitoring and supervisory roles in line with the provisions of the new Banking Act to enhance the operations and viability of Banks.

He tasked the Managements of Banks to educate their staff on the provisions of the new Act to prevent them from falling foul of the Law. Mr Pierre Andre Taulet, Managing Director of SG-SSB Limited, said the Bank was responding to the needs of its clients, who wanted to spend less time on any transaction.

He said SG-SBB would continue to develop fast and innovative ways to meet the sophistication of customers.

The Visa Trump Card developed with the collaboration of Visa International has a Personal Identification Number protection unique to the customer. The card can be used in various points of sale terminals and ATMs both in Ghana and in 150 countries across the world.

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