It will soon be possible for Ghanaian Automated Teller Machine (ATM) cards to work in outlets in Nigeria, French-speaking countries as well as Cape Verde.
This will be possible through the integration of the payment systems of Ghana, Nigeria, Cape Verde and the zone of West Africa Economic and Monetary Union (UEMOA).
Archie Hesse, Chief Executive of Ghana Inter-Bank Payment And Settlement System (GhIPSS), managers of Ghana’s payment system, said Economic Community of West African States (ECOWAS) has planned to obtain a Central West African payment platform.
He, however, said it was agreed that a pilot platform be rolled out by integrating the four payment systems after which the remaining countries will be joined to a central platform.
The project is part of a central sub-regional payment system that is being driven by the ECOWAS.
When the project is implemented fully, it is anticipated that it would boost cross border trade, as traders, businessmen and women as well other travelers from the participating countries can access money from their bank accounts back home using their local ATM cards.
Mr Hesse said it was technically possible for local ATM cards from Ghana to work in the ATM outlets and point of sales devices in Nigeria as well as Francophone West Africa and vice versa.
He explained that modalities to guide the settlement of the inter-country payments as well as other regulatory framework must be put in place before the system is made available to the general public.
According to Mr Hesse, Nigeria, Cape Verde and the UEMOA zone want the project to take off soon.
To ensure the early commencement of payment systems, Mr Hesse said GhIPSS was asked to develop the governance and regulatory framework while GIM-UEMOA was asked to deal with infrastructure and security framework.
The Nigeria Inter-Bank and Settlement System, on the other hand, was given the responsibility to develop marketing and communication framework.
GNA