Panelists at a round table discussion organised by Ghana Commercial Bank Limited (GCB) have stressed the need for a comprehensive and clear national policy towards the achievement of a cashless society in Ghana.
Although they acknowledged that Ghana was on the right path to achieving the dream of creating a cashless society, the absence of a clear national policy required to identify the main 'driver' that will bring on board all stakeholders was slowing down the pace of development.
The panel made up of Joshua Preprah, Board Member of GCB, Mr Archie Hesse, Chief Executive Officer (CEO) of the the Ghana Interbank Payments and Settlement Systems (GhIPSS), Mr Ade Shonubi, Director of Interbank Payment and Settlement,Nigeria, Mr Kwaku Sakyi-Addo, (CEO), Ghana Chamber of Telecommunications and Mr Kwame Ansah who represented the Deputy Governor of the Bank of Ghana (BOG), Mr Millison Narh were unanimous about the enormous benefits of cashless society.
Under the theme: "Achieving a Cashless Society – The Role of Banks, the Government and the Customer" and attended by representatives from financial institutions, academia, the telecom sector, technology experts, investment analysts, business and economics students, policy makers and officials from Government the discussion forms part of activities to mark the 60th anniversary celebration of GCB.
Dr Fritz Gockel Board Chairman of GCB and chairman of the Round Table Discussion who summed up the views and contributions from the panelists and other contributors said the issue of whether the banks or the telecommunications companies should lead or spearhead the initiatives to achieve a cashless society should not be a stumbling block.
He said the BOG and Ministry of Finance should play a bigger role to ensure that Ghana succeeds in creating a cashless society.
Dr Gockel who is a senior lecturer at the Department of Economics at the University of Ghana, underscored that best practice elsewhere for an e-payments system had seen government and regulators taking the lead role in the implementation process.
Earlier the Managing Director of GCB, Mr Simon Dornoo who presented the steps taken by the Bank to promoting electronic banking in Ghana stressed that Ghana needs about 290,000 Point of Sale (PoS) terminals with an estimated investment of 145 million dollars to push the country into the arena of a cashless economy.
He said research had shown that globally, leading countries with e-payments systems had an average of 2,200 PoS terminals per 100,000 adults.
Mr Dornoo said as a way of encouraging the use of its electronic cards, GCB has set the pace by providing ATM service to its customers free of charge. In addition, he said, GCB is offering internet and mobile banking in addition to introducing PoS terminals.
Mr Hesse said there is no clear driver of the national electronic payments system agenda in Ghana. Bank of Ghana is playing a facilitating role while its mandated institution, provides the required infrastructure.
Mr. Simon Dornoo, MD of GCB
He said "The Government of Ghana must be seen playing a more central role by using the non-cash forms of payments."
"Government like any other government that is serious about moving into the cashless arena, should ensure that they as government are really role players of using and patronising the system. So for instance district assemblies should also use e-zwich for collection of tolls and other revenues to ensure accountability..."
"We (GhIPSS) are happy that today Government intends to use e-zwich to pay workers of the Ghana Youth Employment and Entrepreneurs Development Agency (GYEEDA). This should be extended to more public sector workers," he said.
Mr Hesse said GhIPSS did not see why pharmacies and fuel stations should not be made to accept only electronic forms of payments after 10pm. "When this is done it can also be extended to other sectors as the patronage improves."
Mr Peprah said the absence of a clear policy on electronic payment has contributed to customers being reluctant to use electronic products.
He said a cashless society offers the opportunity for cost reduction and asked that a consensus be built among stakeholders.
He said Ghana needs telecommunications networks that could carry more data and advised that the National Communications Authority makes it a requirement for renewal of telecommunications licenses in Ghana.
Mr Shonubi on his part pointed out that the journey to cashless society is a long one saying that the Federal Republic of Nigeria started with an experiment in Lagos the commercial capital before extending it to other parts of the country.
He stressed the need for a common way of sharing resources and a common platform to enhance success of any cashless society agenda.
Mr Sakyi-Addo called for law reforms to synchronise changes in the banking and telecommunication sectors.
The Minister of Communications, Dr. Omane Boamah, in a statement read for him, noted that securing the understanding of the population to adopt the new payments system was critical to achieve the goal.
Mr Casely Hayford, an investment analyst, in a contribution criticised the BOG for insisting that all account holders should be issued with Ezwich saying it is monopolistic and uncompetitive.