Intensify education on electronic payments – BoG to Stakeholders in financial sector

Intensify education on electronic payments – BoG to Stakeholders in financial sector

Dr Ernest Addison - Governor, Bank of Ghana

The Bank of Ghana (BoG) has encouraged stakeholders in the financial sector to intensify public education on the new electronic payment system, including the use of Universal QR Code Payment Service and Proxy Pay for efficient and convenient transactions.

Speaking at the launch of the Universal QR Code and the Proxy Pay in Accra on Wednesday, Governor of the central bank, Dr Ernest Addison said the QR Code and Proxy Pay have the potential to become game-changers to support merchants and non-bank entities to accept payments from customers of different financial institutions.

The new payment solution, he said, will also speed up digitisation of payments to distributors, wholesalers and suppliers and also encourage users and merchants to accept and use electronic payment platforms.

“This will further provide a boost to financial inclusiveness through the digitisation agenda,” Dr Addison noted.

The Governor again said for the public to have confidence in electronic payments, it is imperative to create the needed awareness of such electronic payment platforms to enhance public confidence and acceptability.

Dr Addison urged financial sector players to improve the cybersecurity features of these payment platforms by using the latest technology such as machine learning and artificial intelligence.

Beyond that, he said, it is prudent to offer dedicated platforms for resolving customer complaints timely, and also provide assurance to boost customers’ confidence in the electronic payment products.

The Governor advised banks to continue working with existing financial service providers and integrate new ones to develop new products that suit changing trends of the business climate.

“Let me state that the high penetration of electronic wallets and mobile phones has positioned Ghana to leverage on the Universal QR Code and Proxy Pay to advance our quest for a cash-lite economy, as we improve the financial inclusion agenda,” the BoG Governor said.