National Payment System Strategy Document Presented To Bog

A National Payments Systems Strategy (NPSS) documents, which is expected to contribute in transforming Ghana into a ‘cash-lite’ society, has been presented to the Bank of Ghana (BoG).

The document was developed by Standard Chartered Bank’s internal payments experts, the BoG, GHIPSS and Capgemini, an internationally acclaimed consultant.

Among the recommendations, are the creation of Payments Council, an effective penalty regime, the need for BoG to issue a circular mandating both display of payment products pricing and also cap pricing at reasonable level and the need for a greater relationship between the national telecommunications companies and the BoG in the area of mobile money.

Speaking at the ceremony, the Deputy Governor of the Bank of Ghana, Mr Millison Narh said the NPSS was to promote financial inclusion in the country, adding the vision of the BoG was to ensure that 70 per cent of the citizens had access to financial services.

He said national payment systems, which had become a development tool, had come at an opportune time when the country attained a middle income status.

Among other benefits, he said the NPSS provides a well structured payment system and also ensure equitable distribution of financial resources and wealth.

He said national payment systems had become the fulcrum of all modern economies and stressed the need for all stakeholders to work together to create and enviable medium of payment systems.

Mr. Narh assured the stakeholder banking and finance industry that all the recommendations in the NPSS would be implemented to promote the use of non-cash payments in the country.

“A payments council will be put in place to oversee the NPPS and ensure that the recommendations made are implemented,” the Deputy Governor said.

He commended Standard Chartered Bank for  responding to  the call by the BoG to produce  the document,  and urged all  banks to secure copies of the NPSS paper to familiarise themselves with the contents.

Mrs Mornah Quartey, the Deputy Minister of Finance and Economic Planning in her address said the NPSS would provide a framework for achieving a “cash-lite” economy.

She said the benefits of the NPSS could not be overemphasised, saying “there is growing evidence that digitising payment systems can yield many benefits”.

“A national cash-lite payment system enhanced accountability and ensure safer and speedier delivery of money,’’ she said.

The deputy minister said the government was putting strategies in place to pay all government workers electronically to ensure government did not pay ghost workers.

She disclosed that the government was developing a national inclusion strategy to deepen financial penetration in the country.

The Chief Executive Officer of Standard Chartered Bank, Mr Kweku Bedu Addo in his remark said the NPSS was to help Ghana “progress towards a cash-lite payment economy”.

He said a ‘cash-lite’ economy was critical to accelerate the development of the country.

By Kingsley Asare

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