Ghana takes the lead with its implementation of a World First Secure Chip & Biometric National Payment System “e-zwich”

The Bank of Ghana selected Net1’s UEPS technology to provide a turnkey solution enabling a common platform for all electronic payments, as well as broadening the scope for “Branchless Banking” across the country.  Ghana Interbank Payment & Settlement System (GhIPSS), a subsidiary of Bank of Ghana, was established to manage the National Switch (e-zwich). 

The system was launched successfully on the 28th of April 2008 by the Honorable President J.A. Kufuor in Accra and today boasts with the “Live” rollout of 27 Financial Institutions, 14 Savings & Loans Companies and 125 APEX Community Banks. 

The strategy for implementation was based in the form of a “Three Phase Approach” with the successful completion of Phase One in April 2008.  This Phase included installation, implementation and commissioning of the Primary and Disaster Recovery Sites, the UEPS Back-End management system and Front-End Applications and Products & Services, allowing for immediate inter-operability between bank branches and merchant stores. 

Phase Two followed with the implementation of Net1’s Offline Settlement System, a powerful tool enabling all merchants and financial services companies situated in deep rural areas to participate in the system without the need for network connectivity.  This Phase also involved delivery of the UEPS Biometric ATM hardware and full functionality software operating offline and online.  Phase Three, now underway involves the participation of the Rural Banks and the Community sector, together with integration to existing Switches in Ghana and payment channel inter-operability across all new and existing ATM/POS terminal infrastructures. 

The EFT Bank interface/integration to traditional banking systems has been ongoing with a successful implementation of eight (8) banks currently “Live” and a further six (6) banks undergoing further in house testing to enable e-zwich card holders to utilize the “Card2Bank and Bank2Card” functionality.

Net1 has completed the integration of UEPS onto existing GRG ATM’s to enable e-zwich card holders to utilize the new upgraded UEPS GRG ATM’s to access banking functionalities.

“The dream of a country to become a cashless economy could become a reality”

Local banks in Ghana recently launched their savings product whereby all e-zwich client card holders can now earn interest on their electronic value held on their UEPS savings wallet.  Interest rates as high as 15% are being paid on balances held in the UEPS savings wallet in order to encourage savings in the rural areas, meeting the objective of SAVING THE POOR. 

An indigenous Ghanian Bank, has commenced disbursing loans through the card to its customers whereby the loan repayments are managed via the e-zwich card.   Ghana to introduce “Banking on a Bus” which involves the activating of the UEPS Transport Wallet offering e-zwich card holders the opportunity to pay for transportation and perform banking functionalities whilst in transit.  Offering UEPS Banking functionalities / products and services for instance; Balance Enquiries, Transaction List, 3rd Party Bill Payment, Money Transfer, Loading of Salary or Wage, etc., offering the e-zwich card holder the convenience of  “Branchless Banking”.