Mr Simon Dornoo, Managing Director of Ghana Commercial Bank (GCB), said he envisions a society where goods and services are paid for by cards, electronic fund transfers or online rather than with cash or cheque.
He said apart from increased efficiency in making payments, a cashless economy would facilitate better information on payment transactions for policy making and would help attract the unbanked segment into the formal banking sector.
Mr Dornoo made the remarks at a GBC Round Table on the theme: “Achieving a Cashless Society: The Role of Banks, Government and the Customer.”
The conference featured personalities such as Mr Millison Narh, Deputy Governor of the Bank of Ghana, Mr Kweku Sakyi Addo, Chief Executive Officer of Ghana Chamber of Telecom, Mrs Gifty Affenyi-Dadze, National Prayer Director of Aglow International as well as members of the Board of Directors of GCB and representatives from the banks.
Mr Dornoo explained that as a way of encouraging the use of GCB cards, it has set the pace by providing ATM service to its customers free of charge.
“We also offer internet and mobile banking and has introduced Point of Sale terminals which we believe are critical to achieving this objective,” he said.
The conference was part of GCB’s 60th Anniversary celebrations.
The bank had sunk seven bore-holes fitted with pumps and purifiers and two toilet facilities at the cost of GH¢300,000 to some orphanages and hospitals.
It has also undertaken a Tree For Life project, under which staff would plant tree seedlings in basic schools as a way of protecting the environment.
As part of the anniversary, there would be hoisting of flags at the bank’s branches across the country, and the day will be used to institute a Customer Appreciation Day, which will be observed annually.
Among other topics discussed at the conference was the progress Nigeria had made, after introducing cash limit policy as a way of promoting e-payments and reducing the cost of handling cash.
In Nigeria, it is expected that the initiative, from cash to electronic payments will lead to one per cent increase in economic growth.