As part of measures to improve bank transactions involving the use of Automated Teller Machines (ATM), the Bank of Ghana has said all payment systems will be migrated from the magnetic chip system to Europay-MasterCard-Visa (EMV).
Announcing the new measure, which is expected to come into effect in 2017, the Deputy Governor of BoG, Dr Johnson Asiama, said: “This is to enhance security and reduce fraud in the industry.”
Dr Asiama, who revealed this at a press conference in Accra, was of the view that even though some gains had been achieved in implementing cashless transactions in the country, many people still use the traditional means of carrying huge cash, adding that more needed to be done to reduce incidents of theft and fraud.
“Notwithstanding this laudable achievement, cash still dominates payment transactions and sadly a large number of our people are excluded from the formal financial sector. A lot remains to be done to develop the payment system in that regard,” he added.
Source: Ghana/AccraFM.com
