Value of e-zwich transactions up to GH¢867m first half of 2016
The government’s decision to allow the use of the biometric payment system e-zwich for a number of its interventions is yielding positive results as the value and volume of transactions continue to register impressive growth.
The half-year report released by the Ghana Interbank Payment and Settlement Systems (GhIPSS) shows that the value of e-zwich transaction went up by 213 per cent to GH¢867 million compared to GH¢277 million in the same period of 2015.
Also, the volume of e-zwich transactions also went up by 109 per cent from GH¢800,000 to GH¢1.8 million.
The jump in both value and volume of transactions is on the back of government’s use the biometric payment system for a number of its social interventions, including payment of School Feeding Caterers and beneficiaries of the Livelihood Empowerment Against Poverty (LEAP) programme.
The e-zwich is also used in paying National Service allowances and student loans.
The e-zwich system has proven to be one of the most effective ways to detect payroll fraud and prevent impersonation.
It also helps prevent a situation where some unscrupulous officials make unauthorised deductions from monies meant for beneficiaries of these social interventions.
Mr Archie Hesse, the Chief Executive of GhIPSS, predicted that the payment system will see further growth in the coming year.
He urged companies facing payroll challenges to use the e-zwich to clean their system.
He said the doors of GhIPSS are opened and they will readily engage with organisations which want to use the biometric payment system.
Mr Hesse also challenged financial institutions to ensure that they train enough of their staff to know how to operate the e-zwich Point of Sales (POS) devices so that they can constantly provide the service to the public.
He expressed gratitude to financial institutions who ensure regular e-zwich service saying the GhIPSS will use the upcoming Ghana Banking Awards to recognise them.