IN the past few years, through various policies, and interventions Ghana has made strides toward a formal and cashless economy.
The overall goal for such an economy is to build the capacity of businesses to improve local production and reduce the use of cash in business transactions.
The latest addition to Ghana’s efforts is the GH Dual Card, a two-in-one payment card that has both the e-zwich and gh-link applications, which was on Wednesday, launched in Accra by the Vice President, Dr Mahamudu Bawumia.
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.
What is significant is that, the card can be used by cardholders for any point of sale purchase across merchant locations, ATM cash withdrawals, ATM PIN change, and balance enquiry.
It is being rolled out by the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS).
The product which has been described as the first of its kind in the world, could be used to move funds seamlessly across the various payment platforms such as mobile wallets, e-zwich wallets and bank accounts.
The Ghanaian Times recognises the essential role the card could play in the country’s quest for greater financial inclusion to promote holistic national development.
It is widely known that many developed nations today depended heavily on the advent of technology to build their economies and it continues to flourish as a result of innovations.
As a developing country, this is not the time to reinvent the wheel. We have to also make use of today’s technology to drive efficiency as we grow the economy and move Ghana Beyond Aid.
We must all take active interest in making the GH dual card work as a part of the payment system platforms which are in use.
The interoperability platform has spurred the country’s financial inclusion drive, providing the financially excluded and underserved access to basic banking services.
The convenience created by the interoperability has been a catalyst to rope in more people into formal banking sector and for them to access credit, as well as invest through their electronic platforms.
The GH Dual Card can also help us clamp down on corruption by reducing the amount of cash in the system.
It is in very crucial and in our own interests to embrace the GH Dual Card and tap its accompanying benefits for sustainable development of the country.