e-zwich Payment Distribution System records 94 per cent growth

Accra, The use of e-zwich to pay salaries and other forms of emoluments christened e-zwich Payment Distribution System, (PDS) saw a 94 percent jump in the first half of this year compared to the same period last year.

The total volume of the transactions went up from over 700,000 to over 1.3 million. This is contained in the half year performance report released by the Ghana Interbank Payment and Settlement Systems (GhIPSS).

The report also indicated that the value of transactions over the same period was up by almost 53 percent from 283.8 million cedis to 433.4 million cedis.

The significant rise showed that more people were paid through e-zwich than previously.

Currently, seven private sector firms and seven government projects and institutions used the biometric payment system to pay salaries, commissions and allowances.

Firms and institutions which are required to pay personnel or social fund beneficiaries located in different parts of the country find the e-zwich PDS most suitable.

This was because the payment system enabled them to send bulk electronic funds to different recipients at different locations with just a click of a button from a central point.

The payment system has eliminated undue delays associated with paying people in remote parts of the country.

It also takes away the risk involved in carrying physical cash across the country just to pay different types of emoluments.

Mr Archie Hesse, Chief Executive of GhIPSS, said there was no more excuse for delays in paying any form of emoluments because the country has a solid payment infrastructure that could ensure quick disbursement of funds to any part of the country.

He said easy tracking of e-zwich transactions which promotes transparency and accountability had made it attractive to many while its biometric features make it one of the most secured payment systems available.

The e-zwich was the first initiative by GhIPSS and it is used for different financial transactions including deposits, withdrawals, transfers, payment of emoluments and lately to receive foreign remittances.

Total value of all e-zwich transactions between January and June this year stood at over 1.3 billion cedis compared to over 877 million for the same period last year.

Access to funds held on the e-zwich card has improved significantly following the introduction of e-zwich agents and the conversion of some Automated Teller Machines (ATMs) to accept the cards.

Source: Ghana News Agency