Vice President Dr Mahamudu Bawumia has launched the GH Dual Card, a two-in-one payment card that has both the e-zwich and gh-link applications.
The card has been designed to give cardholders access to funds on their e-zwich cards and in their bank accounts at the same time, and seeks to eliminate the inconvenience that comes with carrying multiple cards.
The GH Dual Card can be used by cardholders for any point of sale purchase across merchant locations, ATM cash withdrawals, ATM PIN change, and balance enquiry.
The product is being rolled out by the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS).
Speaking at the launch ceremony yesterday, Vice President Bawumia, said the country was making strides in the quest for greater financial inclusion, in order to ensure holistic national development.
"We have in the past two years seen a convergence towards electronic based services as a country, and it is a deliberate policy by His Excellency President Nana Addo Dankwa Akufo-Addo, to use technology to drive efficiency as we grow the economy and move Ghana beyond aid.
"Many a time we tend to look at what other countries are doing without recognising the great strides we are making," he said.
With the hard work of GhIPSS and partner institutions such as the banks, Telcos and Fintechs, he said financial inclusion and intermediation had improved significantly.
He said Ghanaians could now move funds seamlessly across the various payment platforms such as mobile wallets, e-zwich wallets and bank accounts.
The dual card, according to him, is part of the payment system architecture the government is putting in place, and described the product as the first of its kind in the world.
"It is the first time that any country in the world is issuing this combined EMV card and a financial inclusion card. It is remarkable, and will further promote financial inclusion in Ghana."
"In the payment systems space, and I'm not shy about saying this, it is clear that Ghana is now the undisputed leader in Africa," he said.
Vice President Bawumia said the country's interoperable platforms had improved significantly the National Financial Inclusion drive.
He said the platform had served well, the financially excluded and underserved and indicated that practically, everyone now had access to basic banking services.
"Many people have been roped into the formal banking environment by virtue of the convenience created by the interoperability and people are accessing credit, as well as investing through their mobile phones.
"With where we have gotten to as a country and the passage of the Payment Systems and Services Act, which the President has assented to, the sky is no longer the limit," he said.
Read the original article on Ghanaian Times.
AllAfrica publishes around 600 reports a day from more than 150 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.
AllAfrica is a voice of, by and about Africa - aggregating, producing and distributing 600 news and information items daily from over 150 African news organizations and our own reporters to an African and global public. We operate from Cape Town, Dakar, Abuja, Monrovia, Nairobi and Washington DC.