Vice President Dr. Mahamudu Bawumia has urged financial institutions in the country to take full advantage of the many opportunities and policies that government has initiated for the benefit of the banking and finance sector.

The Vice President who recently launched the mobile money payments interoperability system in Ghana maintains that, with other electronic payment channels such as the e-bills pay, instant pay and the introduction of the national identification card, the nation’s ability to move faster towards a cashless system, stamping out corruption and turning around the fortunes of the economy, is assured.

Speaking at the launch of PaySwitch Company Limited, an indigenous payment solution company in Accra, the Vice president said since companies were now looking for technological means to solve some of the country’s everyday problem and satisfy their clients, it will be disastrous for financial institutions to resign themselves to outmoded industry practices.

“We are getting to the point where government will soon stop accepting cash payment. It is possible once we are assured of the stability of the system. Once we do that, one of the biggest enemies of corruption which is technology, will help us curb that menace. If we can do everything through technology and cash is no longer accepted how anyone steal money, especially when it is all electronic,” he noted.

He added that, “the new payment system that was brought to cabinet has been approved and sent to parliament and we are hopeful the bill will soon be passed. What we are trying to achieve in all this is to ensure that our economy grows and also help financial institutions. The sad thing is that these advantages are often enjoyed by foreign companies in Ghana, although we welcome foreign investment, participation and technology transfer, we can encourage and stimulate local firms to join the emerging technology phase. It is for this reason that I gladly accepted to attend this function and launch Ghana’s first and only third party processing company.”

Governor of the bank of Ghana, Dr. Ernest Addison speaking at the launch expressed optimism towards the advancement manifest in payment solutions globally and noted that commencement of PaySwitch Company Limited was an incentive needed by exciting banks to up their game.

He mentioned that, “the transition from a cash dominant economy to a cashless economy will help in the fast and safe transaction of businesses.”

Thanking government and other financial institutions for their support, Chief Executive officer for PaySwitch Kojo Choi said his outfit was committed to delivering on all promises made to its clients, which includes a convergent payment solution ranging from card issuance, hosting, fraud solution, payment aggregation and consultancy.

The launch was attended by the Ambassador of the Republic of Korea, Kim Sungsoo, Director of PaySwitch, Sam Jonah, Chief Executive Officer for GHIPSS Archie Hesse, CEO of BPC Banking Technologies, Anatoly Loginov, Deputy Minister for Communication, George Andah and many other dignitaries.