Business

Banks make progress with conversion of cards to EMV standard

PBanks that issue domestic cards have made some progress in converting them from magnetic stripes to EMV, Mr Archie Hesse, the Chief Executive of GhIPSS has revealed.

The EMV technology he said had an enhanced security system and therefore encouraged globally as the preferred bank card technology.

EMV stands for Europay, MasterCard, Visa. It is the global standard for chip-based Debit and Credit Card transactions.

The EMV standard was introduced in reaction to card associated fraud globally. The technology has stood the test of time and countries all over the world including Ghana are asking their financial institutions to ensure that their cards are EMV compliant.

 The Ghana Interbank Payment and Settlement Systems (GhIPSS) is spearheading the EMV migration in Ghana.

Mr Archie Hesse, the Chief Executive of GhIPSS, in an interview, urged the remaining banks as well as savings and loans companies to work assiduously to ensure that their cards were also EMV compliant within the shortest possible time.

He explained that the conversion was important to ensure that customers are guaranteed the security of transactions undertaken with the cards.

There are foreign branded cards as well as domestic cards which are also referred to as gh-link cards.

The foreign branded cards in Ghana are mostly Visa and MasterCard and are already EMV compliant, while a number of the gh-link card issuing banks have also completed the process and are also EMV compliant. Others are however at various stages of completion.

GCB Bank, National Investment Bank, Republic Bank as well as ARB Apex Bank, which serve Rural and Community banks, have successfully completed the process, making their cards EMV compliant.

Bayport, Bond, Best Point and Service Integrity are savings and loans companies whose cards are also EMV compliant.

The other banks as well as savings and loans companies are at various stages of completion, to move their cards from magnetic strip to EMV.

A number of banks that currently do not issue domestic cards, but serve as acquirers are also EMV compliant.

 These are Ecobank, Standard Chartered Bank, Zenith Bank and Universal Merchant Bank. The rest are GHL Bank, and Consolidated Bank Ghana.

By Kingsley Asare

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