Cashless society is possible in Ghana – GCB

At the recently held GBC Round Table Conference, Mr. Simon Dornoo, Managing Director of Ghana Commercial Bank (GCB), said the bank envisions a Ghanaian society where goods and services are paid for by cards, electronic funds transfers or online rather than with cash or cheque.  He said apart from increased efficiency in making payments, a cashless economy would allow for better information on payment transactions for policy making and would help attract the unbanked segment into the formal banking sector.

The event, which was held on Monday 29th April, on the theme “Achieving A Cashless Society: The Role Of Banks, Government and the Customer”, featured personalities such as the Deputy Governor of the Bank of Ghana – Mr. Millison Narh, the CEO of the Ghana Chamber of Commerce, Mr. Kweku Sakyi Addo, the National Prayer Director of Aglow International – Mrs. Gifty Affenyi-Dadzie, just to mention a few, as well as members of the Board of Directors of GCB and several representatives from banks in the country.

Amongst other things, one of the main topics highlighted at the event was the fact that Ghana’s own West-African sister country, Nigeria, has started embracing such initiatives by introducing a cash limit policy as a way of promoting e-payments and reducing the cost of handling cash. In Nigeria, it is expected that this initiative, ie. transitioning from cash to electronic payments will lead to 1% increase in economic growth.

Mr. Dornoo explained ‘As a way of encouraging the use of its cards, GCB has set the pace by providing ATM service to its customers free of charge. GCB offers internet and mobile banking and has introduced Point of Sale (POS) terminals which we believe are critical to achieving this objective.’

GCB was set up in May 20, 1953. It has grown from one branch to 158 networked branches and 15 agencies across the country.

This round table forum, stands as the first event on the agenda of GCB’s 60th Aniversary celebrations. Other activities will include the sinking of seven bore-holes fitted with pumps and purifiers and two toilet facilities at the cost of GH¢300,000 to identified orphanages and hospitals and undertaking a Tree For Life project, under which staff would plant tree seedlings in basic schools as a way of protecting the environment.

Also, on the anniversary day itself, there will be a hoisting of flags at the bank’s branches across the country, and that the day will be used to institute a Customer Appreciation Day which will be observed annually.

Source: ghanamma.com