Ushering Ghana into a complete cash-lite company; the role of e-kiosk

General News of Saturday, June 15, 2019

Source: www.ghanaweb.com

2019-06-15

The dream Cash-lite has been the main goal of many countries of the world because of:

1. Socio-economic benefits.

2. Safety and security of cash flow.

3. Uninterrupted rotation of cash from one portfolio to another.

4. Convenience, reliability and affordability of cash.

5. Easy monitoring and monitoring of cash flow.

6. Anti-money laundering.

7. Effectiveness and efficiency.

The Cash-lite policy aims to reduce (not eliminate) the amount of physical cash in circulation in the economy and to encourage more electronic transactions.

The National Lottery Authority (NLA), through a collaboration with the Ghana Revenue Authority (GRA), banks, telecommunication companies, the Ghana Water Company Limited, Ghana Power Distribution Services (formerly ECG) and other agencies, is about to deploy a Lite System in the country.

ALN's cash-lite policy would ensure interoperability between bank accounts, mobile money portfolios, point-of-sale terminals, VAT and other platforms. electronic payment.

One of the practical ways to improve the digitization and digitization of the Ghanaian economy would be to use the solar energy electronic kiosk business model.

Ghana has basic infrastructure such as RTGs, ATMs and point-of-sale switches coupled with interoperability of mobile telephony in order to achieve a cash-lite economy. However, Ghana remains a company highly dependent on its liquidity. A cash-lite economy is a long-awaited dream for Ghana and the E-Kiosk platform would be a guarantee of realization of this dream.

The Payment and Settlement Act, pbaded by Parliament last March, empowers the Bank of Ghana to establish, manage and promote any program that allows for the development of the country's electronic payment system.

The governance of Ghanaian payments is mainly based on the Bank of Ghana, the interbank payment settlement system (GhIPPS) being the issuer arm. Although, under this umbrella, the country has some success in electronic payments but is not yet sufficient enough to propel it into a cash-lite company, the physical cash transaction is still very common in Ghana.

The National Lottery Authority currently has approximately 10,000 sales centers across the country and, on board the solar-powered electronic kiosk, has approximately 40,000 sales centers, one per polling station and one electoral zone. This business model approach will provide customers with easy access, availability and accessibility.

Indeed, the solar-powered electronic kiosks would help Ghana become a full-fledged Cash-lite company and would also create more than 100,000 jobs for Ghanaians, especially young people.

The solar-powered electronic kiosk should change the game in Ghana's financial system, allowing Ghanaians to benefit from full financial inclusion