Interbank welcomes payment via e-zwich

Archie Hesse, Managing Director, GhIPSSArchie Hesse, Managing Director, GhIPSSThe Ghana Interbank Payment and Settlement Systems (GhIPSS) has welcomed plans by the government to use the e-zwich to pay beneficiaries of the Ghana Youth Employment and Entrepreneurial Development Agency (GYEEDA).

GhIPSS has, thus, resolved to work with the government towards ensuring that the plan is executed successfully.

The government had earlier mentioned that it was planning to pay beneficiaries of GYEEDA through the e-zwich card, an innovation by the GhIPSS aimed at reducing cash transactions, as part of measures aimed at reducing the financial loopholes inherent in the current table-top payment models.

The decision followed reports that the country was losing millions of cedis through ghost payments and misappropriation of funds by some managers of the programme.

Payment of the beneficiaries through the e-zwich card will mean that GYEEDA beneficiaries can only access monies paid onto the biometric smart card with their fingerprint.

That will automatically weed out ghost names and the incidence of multiple payments as the electronic system will delete beneficiaries with multiple identity.

Reacting to reports that the government was considering paying the beneficiaries through the e-zwich smart card, the Head of Card Operations at GhIPSS, Mr Mark Boateng, said the move was laudable, adding that the payroll of GYEEDA would be significantly cleaned and losses that previously occurred would be a thing of the past.

The e-zwich system is currently used to pay student loans at the tertiary institutions, allowance to some national service personnel, as well as lotto marketing companies.

Some companies also pay their commission staff, particularly those dotted around the country, through e-zwich since  it is effective and efficient.