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Cashless economy BoG advocates for cashless economy

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

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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.

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