GhIPSS praises banks for winning cashless awards

The Chief Executive of the Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS), Mr Archie Hesse has commended award winners in the cashless categories of the 16th Ghana Banking Awards and urged financial institutions to continue to work with GhIPSS to drive non-cash forms of payments.

Mr Archie explained that the banks are in a very advantageous position in the cashless agenda as they have both merchants and individuals as customers.

He said they can work with their customers who are merchants to enable them offer electronic payment channels as well as use incentives to encourage consumers to patronise these electronic payment channels.

The Ghana Banking awards adjudged Zenith Bank as the winner of the cashless promotion bank of the year and GCB bank, the e-zwich bank of the year.

The two banks were recognised for their efforts at driving cashless and e-zwich during the prestigious banking awards held on Saturday in Accra.

The banking awards which is in its 16th year, was instituted by Corporate Initiative Ghana, constituted by corporate bodies in Ghana. It is intended to recognise performing banks in different categories and to engender competition among them.

A few years ago, a category to reward banks that promote e-zwich was introduced and another to recognise banks driving the cashless agenda was added a year after. The two award categories promoted by the Ghana Interbank Payment Settlement Systems Ltd (GhIPSS) was in line with the general policy to promote non-cash forms of payment in Ghana.

Competition for both awards was keenly contested with Standard Chartered Bank and Royal bank being adjudged the first and second runners up in the category of cashless bank promotion award while Agriculture Development Bank and Access Bank were the first and second runners up for the e-zwich bank of the year category.

Mr Hesse also urged government to come out with policies that will reward financial institutions which are promoting non-cash forms of payments. He said some progress were being made and added that with a concerted effort by all stakeholders, Ghana could move away from cash dominant economy.