Wednesday, June 4, 2008

E- zwich, the new manager of Ghana's Banking Sector.

The Bank of Ghana has formed Ghana Interbank Payment & Settlement Systems Limited (GhIPSS) to manage the new and modern Ghana Interbank Payment & Settlement System (e-zwich).The National Switch, e-zwich - the generic name for the Universal Electronic Payment System - will provide a common platform for most retail payment transactions in the country through integration of all existing bank switches thereby enabling the interoperability of all ATMs and Point of Sale (POS) systems.e-zwich will be responsible for accommodating local debit/credit magnetic stripe cards, international branded association cards, Universal Electronic Payment System (U.E.P.S.) smart cards, e-zwich Mobile Phone Bank Accounts, and in the future, cross border transactions. Familiarization, integration and training programmes are currently on going to adequately equip the stakeholders for effective take off. Take off would be on a pilot base involving three banks and one rural bank for effective and efficient management, monitory and control.GhIPSS with support from the National Banking College are offering training in this regard.
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