Barclays Ghana waives fees on transfers and cheque clearing

The High Street Journal says in a revolutionary move that will undoubtedly cause consternation in the market, Barclays Bank Ghana, has waived fees on local money transfers and cheque clearing. The paper

notes that this is a big challenge for competitors, since all banks derive good income from the two transactions. The High Street Journal quotes Mr Kobina Quansah, Managing Director of Barclays Ghana as saying that the waiver is a logical consequence of the bank?s technological superiority.

According to him, two year ago, the bank invested heavily in the telecommunication infrastructure which has made Barclays the only nationally networked bank in Ghana.

"This means that a customer can pay in or withdraw money from his account in any Barclays banking hall in Ghana, no matter where the account is domiciled", he is reported as saying. Registration of every transaction is said to take place seven seconds after it is consummated.