Banking awards to recognise most cashless bank

The Ghana Banking awards slated for this weekend, will recognise and award banks that are driving the cashless agenda by promoting various electronic payment options.

This is to encourage banks to promote payments with cards on Point of Sales (POS) devices, internet banking and cheques among other non-cash forms of payment.

Last year, organisers of the banking awards, Corporate Initiative Ghana, introduced a category to reward the most active e-zwich bank which was supported by Ghana Interbank Payment and Settlement Systems (GhIPSS).

The introduction of the most active cashless bank, also supported by GhIPSS, therefore brings to two, the award categories, sponsored by the national electronic payment infrastructure provider.

The introduction of the latest category was announced during the launch of this year’s Ghana Banking Awards earlier in the year.

Globally, countries are adopting electronic payment systems with less dependence on cash for transactions.

However, the reverse is the case in Ghana despite the availability of the requisite infrastructure as well as various electronic payment products. Corporate Initiative Ghana and GhIPSS are therefore using the banking awards as another avenue to drive the cashless agenda.

The Chief Executive of GhIPSS Archie Hesse said in an interview, said he anticipates that the awards would motivate banks to use various strategies to encourage the patronage of electronic payment options by the customers.

He was also hopeful it would challenge more banks to go into merchant acquiring business.

He commended the organisers of the awards and the banks for embracing the new categories.

The launch of gh-link e-Commerce and GhIPSS Instant Pay last week, has added to the bouquet of electronic payment options in Ghana. The two will however not count in the weekend’s awards, but will strongly determine which bank will pick that award in the coming year.

The banking award, which is in its 14th year, is a vehicle to showcase and applaud best performing banks in various categories of the Ghanaian financial services market.

It is also intended to result in an enhanced financial sector in terms of products, processes and services, give public recognition to the best performing banks, as well as stimulate healthy competition among them.

The award is competed for by all the banks operating in the country and winners are determined based on a nationwide survey of consumers of banking products and services.

The coveted Bank of the Year was last year won by Access Bank while UT Bank was adjudged the most active e-zwich bank.

By Times Reporter

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