Ghana Banking Awards: GhIPSS to honor banks for promoting cashless transactions

As part of efforts aimed at promoting a cashless society, the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) will award financial institutions that promote the use of electronic transaction.

GhIPSS which is subsidiary of the Bank of Ghana has the mandate to implement and manage interoperable payment system for banks and non bank financial institutions in Ghana.

Speaking to Citi Business News, the General Manager in charge of Project and Business Development at GhIPSS Clara Arthur explained two categories will be awarded to the most cashless bank award and the most E-zwich user .

“We are giving two categories of awards, the first one is the most cashless bank awards and the next one is the E-zwich awards,” she said adding that the target is to encourage member banks to promote cashless transactions.

According to her, GhIPSS has always championed the use of electronic payments to reduce cash flow in the economy.

Citing some of the criteria, Madam Arthur explained various banks will be assessed on how it promoted the use of electronic payments by encouraging its customers to sign up for it.

Ghana Banking Awards

The Ghana Banking Awards will come off today to award over twenty banks that excelled in 2015.

Despite tough times faced by banks in the country in 2015, Banking Consultant Nana Otuo Acheampong is optimistic this year’s Ghana Banking Awards will bring out the best bank in the midst of the challenges.

According to him, the assessment will capture the overall performance of the 28 banks qualified by operating for over two years.

Speaking to Citi Business News, Nana Otuo Acheampong who is also the Chairman of the Planning Committee of the Ghana Banking Awards maintained that even though the banking sector recorded high Non Performing Loans last year, the award is based on relative performance of all qualified banks under the same period of time.

By: Lawrence Segbefia/