Cashless society is the way to go – GCB MD

Mr. Simon Dornoo

Mr. Simon Dornoo

Mr. Simon Dornoo, Managing Director of Ghana Commercial Bank (GCB), said on Thursday that a cashless society would be of enormous benefit to the country.

He said apart from increased efficiency in making payments, a cashless economy would allow for better information on payment transactions for policy making and would help attract more people into the formal banking sector.

Mr Dornoo was speaking to journalists ahead of GCB’s Panel discussion on cashless society in Accra, on Monday, on the theme “Achieving A Cashless Society: The Role Of Banks, Government and the Customer”.

The programme, the first on the Bank’s 60th anniversary agenda, would feature experts in banking, telecommunications, economics and regulators, among others.

Mr Dornoo said GCB was holding the forum to begin discussions that would lead to the change in the face of banking in the country, adding that, electronic banking was the way to go.

He said Ghana must change from the situation where 80% of transactions are done in-branch to a situation where 80% of transaction are done through e-banking because that will have direct benefits to Ghana’s economy and productivity.

Mr Sam Sarpong, Chairman of the Anniversary Planning Committee, said GCB had identified water and sanitation for special support during the anniversary.

In this direction, the Bank would sink seven bore-holes fitted with pumps and purifiers and two toilet facilities at the cost of GHC300,000 to identified orphanages and hospitals.

The beneficiaries include Accra and Pantang Psychiatric Hospitals, Hanukkah Children’s Home, Royal Seed Orphanage and Baptist Orphanage.

Mr Sarpong said under the support programme, the management of the orphanages would sell the water they pump in the community and use the proceeds for the upkeep of the children.

The Bank will also undertake a Tree For Life project, under which staff would plant tree seedlings in basic schools as a way of protecting the environment.

GCB was set up in May 20, 1953. It has grown from one branch to 158 networked branches and 15 agencies across the country.

Mr Sarpong said on the anniversary day itself, there will be a hoisting of flags at the bank’s branches across the country and that the day will be used to institute a Customer Appreciation Day to be observed annually.

Deputy Governor of the Bank of Ghana, Mr. Millison Narh, and Director of Nigeria’s Interbank Settlement, Mr. Ade Shonub are expected grace conference.

It will also be attended by General Manager in charge of Project and Business Development at GhIPSS, Mr. Archie Hesse, CEO of Ghana Chamber of Telecommunications, Mr Kwaku Sekyi Addo, Mr. Fritz Gockel, a senior lecturer at the Economics Department of University of Ghana as well as other experts in the banking sector.