Vice President Mahamudu Bawumia and the Ghana Interbank Payment and Settlement System Limited (GhIPSS) have successfully launched the GhIPSS bank card, which has the functionalities of an e-zwich and gh-lin k card.
The GhIPSS bank card forms part of efforts to encourage the use of cards for transactions to give cardholders access to both funds on their e-zwich cards and in their bank accounts side by side.
Speaking at the launch Wednesday, Dr. Mahamudu Bawumia, lauding the innovation stated that the Gh Dual Card is the first joint payment system in the world.
According to him, it is a feat that puts Ghana at the fore when it comes to financial technology delivery, a move he is optimistic, will soon be copied by other countries in the world.
“What we are launching today, which is the dual e-zwich and gh-link card is a world first. It’s not happened anywhere in the world. It is the first time that any country in the world is issuing this combined EMV card and a financial inclusion card”.
He added that, “It is remarkable and it will further promote the financial inclusion in Ghana in the payment system space it is clear that Ghana is now the undisputed leader in Africa. We are also the first country to offer the operability between mobile money account and bank account and then we’ve extended it to e-zwich account.”
Chief Director of GhIPPS, Archie Hesse, on his part, urged financial operators to embrace the initiative which according to him will cut down cost of issuing two separate cards to the same customer as they now have the option to issue a dual card that incorporates the functionalities of both gh-link and e-zwich cards.
“We see the dual card significantly bringing down the cost of the card production for financial institutions and by extension the cost of transactions for their customers.
He emphasized that the gh dual cards will not replace existing e-zwich cards only and neither will it replace gh-link cards only, contrarily, the existing card will function effectively on all channels.
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Throwing light on how the dual card works, Mr Hesses said, “This initiative will compliment and provide options for both financial institutions and their customers. Instead of keeping two cards, customers who own both e-zwich and gh-link cards will be issued by their respective banks and not GhIPPS. Just like any bank card, it will have both e-zwich and gh-link logo on the card.”
The Gh Dual Card will work based on a customer’s preference. Customers who want to withdraw money or spend off the e-zwich side of the card, will need an e-zwich only terminal or a hybrid terminal. It will also require fingerprint authentication.
Benefits of the dual card include a lower cost and affordability where customers will pay less for securing and using Gh Dual cards as compared to acquiring two individual cards.
Additionally, the combines the security features of both the e-zwich and the gh-link EMV card thereby ensuring that card transactions are protected and secured.
The Ghana Dual Card will be issued by all banks, rural and community banks as well as Savings and Loans companies.