Ghana Interbank Payment and Settlement Systems (GIPSS) is, reportedly, planning to triple its debit card user number by launching new point of sale (POS) devices.
GIPSS CEO, Archie Hesse, said about 2.3 million people will be able to swipe their local debit or e-zwich card on 2,500 POS devices in Accra by May 2014.
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Around 1 million Visa cards have already been issued by 14 banks including Barclays Bank and Standard Bank. These cards can be used to withdraw money from any ATM and pay for purchases through around 400 POS devices at mostly hotels and restaurants.
The Ghana government is now working with Visa and MasterCard to include e-zwich cards on the new POS machines.
Hesse said the use of cards will let funds reside in the bank other than under people’s pillows, in their pockets or wallets.
"Banks can lend these funds to businesses to expand operations and the government can borrow to invest in projects," Hesse added.
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By GlobalData
