Cashless economy BoG advocates for cashless economy

The move is in collaboration with the Ghana Interbank Payment and Settlement Systems Limited (GhIPPS).

  • Published: , Refreshed:
24/7 Live - Subscribe to the Pulse Newsletter!

The Bank of Ghana is pushing for a cashless economy through the use of direct debit cards by individuals and organizations.

The move is in collaboration with the Ghana Interbank Payment and Settlement Systems Limited (GhIPPS).

Speaking at a direct debit stakeholders forum in Accra under theme ‘Direct Debit, a smart way to maximise collections’, the central bank governor, Dr. Henry Kofi Wampah said the direct debit is useful in the growth of Ghana’s economy.

According to him, the direct debit system is convenient for payments of businesses, individuals and organizations.

“The direct debit product is a very instrumental and useful product that must be encouraged and nurtured to grow and flourish in Ghana. If well-promoted, it promises to provide convenience and certainty to the payments landscape of businesses, government, and individuals. 

“In the 2015 edition of World Payment report, direct debit was identified as one of the rapidly growing non-cash payment alternatives globally for utility payments, insurance premium payments and tax payments. This growth must be made to reflect in Ghana as well,” he said.

READ MORE: BOG maintains Monetary Policy Rate at 26%

Wampah also pledged BoG’s unflinching support and commitment in making sure that all the necessary regulations needed to ensure smooth running of the system are implemented.

A direct debit is an instruction from a customer to their bank authorising an organisation to collect varying amounts from their account, as long as the customer has been given advance notice of the collection amounts and dates.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email:

Recommended Articles

Recommended Videos

Top Articles

1 Importing Frozen Chicken Government ‘bans’ importation of frozen chickenbullet
2 Banking In Ghana 705,000 depositors to lose GHC740m – BoG Governorbullet
3 Defamation Suit Ibrahim Mahama sues Owusu Bempah, UTV for GHc2m over...bullet
4 World Water Day Ghana to soon import waterbullet
5 Ponzi Scheme Thousands of Ghanaians lose millions to Savana...bullet
6 Unibank Takeover Kofi Amoabeng says takeover of uniBank is...bullet
7 Taxes In Ghana VAT on condoms and 63 other commodities removedbullet
8 Dumsor Shut down my machines and ‘dumsor’ will be back –...bullet
9 Public Service Gov’t to check working hours of public...bullet
10 BOG Unibank drops arbitration plans over BoG takeoverbullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 Plane Crash Starbow suspends operations following plane crashbullet
4 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
5 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
6 Entrepreneurship How To Get Ready To Get Started | StartUpSchoolbullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 Support Finance minister buys Kantanka carbullet
9 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
10 Entrepreneurship How to be resourceful as an entrepreneurbullet