Value of e-zwich transactions up over 200 per cent


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Government’s decision to allow the use of the biometric payment system e-zwich for a number of its interventions is yielding positive results as the value and volume of transactions continue to register impressive growth.

Accra, Aug. 17, GNA
– Government’s decision to allow the use of the biometric payment system
e-zwich for a number of its interventions is yielding positive results as the
value and volume of transactions continue to register impressive growth.

The half year report
released by the Ghana Interbank Payment and Settlement Systems (GhIPSS) shows
that the value of e-zwich transaction went up by 213 percent to 867 million
Ghana cedis compared to 277 million Ghana cedis in the same period of 2015.

Also, the volume of
e-zwich transactions also went up by 109 percent from 800,000 to 1.8 million.

The jump in both
value and volume of transactions is on the back of government’s use the
biometric payment system for a number of its social interventions, including
payment of School Feeding Caterers and beneficiaries of the Livelihood
Empowerment Against Poverty (LEAP) programme.

The e-zwich is also
used in paying National Service allowances and student loans.

The e-zwich system
has proven to be one of the most effective ways to detect payroll fraud and
prevent impersonation.

It also helps
prevent a situation where some unscrupulous officials make unauthorised
deductions from monies meant for beneficiaries of these social interventions.

Mr Archie Hesse, the
Chief Executive of GhIPSS, predicted that the payment system will see further
growth in the coming year.

He urged companies
facing payroll challenges to use the e-zwich to clean their system.

He said the doors of
GhIPSS are opened and they will readily engage with organisations which want to
use the biometric payment system.

Mr Hesse also
challenged financial institutions to ensure that they train enough of their
staff to know how to operate the e-zwich Point of Sales (POS) devices so that
they can constantly provide the service to the public.

He expressed
gratitude to financial institutions who ensure regular e-zwich service saying
the GhIPSS will use the upcoming Ghana Banking Awards to recognise them.

GNA


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