Ghana's banking sector continues to show its ingenuity in the innovative financial products that seem to emerge in the industry by the day. One such product is the E-card which is primed to revolutionize the nation's banking traditions by laying the foundations for an ultimately cashless society. The E-card is arguably the premier online debit card in West Africa.

"With the introduction of the E-card in Ghana the nation is positioned strategically to dominate the electronic debit card market in the sub-region in the long-run." Those were the almost prophetic words of Dr. Kwabena Appenteng, General Manager of Transaction Management Services Limited (TMSL). TMSL is the service provider for the E-card which means that it is essentially responsible for the entire digital network and infrastructure that makes it possible for the E-Card holder to transact business without wads of money.

The E- Card has been introduced into the Ghanaian financial market through the collaborative efforts of three banks, namely Cal Merchant Bank, Ecobank and the Trust Bank. Over $5 million was spent in getting in place the whole hi-tech network that would keep the E-card in circulation.

The E-Card operates in a simple manner. One needs to sign on by applying to the bank offering such a service. The E-Card bears a PIN (a number known to the E-Card holder only) which is encoded in the card and allows one to access one's account. The card does not need to be pre-loaded. The card bearer only needs to present it at a point of sale terminal in over a hundred outlets in Tema and Accra and purchases can take place without "physical cash". This means that with the introduction of the E-Card Ghanaians can purchase their groceries at a Shell Mart or supermarket for example provided it is a point of sale terminal without cash.

Dr. Kwabena Appenteng said, "The potential benefits of the E-Card are mind boggling. Firstly it ensures that your cash is safe from theft. Also with the reduction of hard cash in circulation, the quantum of investible funds for Ghanaian firms will be increased. The E- Card phenomenon can also spawn businesses which issue such cards for specialised purposes, of course, after duly negotiating with the service provider. The reality is that Ghana is now the home of a state of the art communication system which has the potential of handling volumes of cashless transactions."