BoG urges stakeholders in financial sector to intensify education on electronic payments

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

Speaking at the launch of the Universal QR Code and the Proxy Pay in Accra on Wednesday, Dr. Ernest Addison – Governor of the central bank, said the QR Code and Proxy Pay have the potential to become game changers by supporting 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, as well as 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 of the central bank said for the public to have confidence in the electronic payments, it is imperative to create the needed awareness of such electronic payment platforms in order to enhance public confidence and acceptability.

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

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

The Governor urged 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.

Dr. Addison acknowledged contributions of the Ghana Interbank Payment and Settlement System and other stakeholders for working diligently toward launching the Universal QR Code Payment Service and Proxy Pay in the country.

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