GhIPSS: E-Zwich Payment Distribution System Helping Firms Save Money in Ghana

Virtually every company or organisation which has used the e-zwich to pay various remunerations have made some savings. This is according to the Ghana Interbank Payment and Settlement System (GhIPSS). While some have saved up to millions of Ghana cedis others have saved several thousands of Ghana cedis. The savings stems from a drop in the amount of money used to pay the same number of intended recipients when the biometric systems is applied and duplications and ghost names eliminated.

Currently some 33 organisations and companies use the e-zwich to pay salaries and commissions properly termed the e-zwich Payment Distribution System (PDS). The PDS is not complicated and does not cost much to set up. However, it has proven to be one of the most effective ways to pay employees especially those who are working from different locations in the country. The multiple bio search technology attached to the PDS enables firms to weed out duplications. It also ensures that the payment is accessed by the right and intended person using the e-zwich biometric card.

Speaking in an interview the Head of Verified Payments at GhIPSS, Mary Dei Sarpong said the PDS has proven to be very effective in managing payrolls. She explained that apart from the dispatch with which payments get to intended recipients regardless of their location in Ghana, the system has also helped organisations to address payroll fraud. She said a number of companies or organisations who had to transport cash in order to pay wages and salaries in remote areas, but now use e-zwich, have saved themselves the risk and cumbersome process associated with cash payments.

Mrs. Dei Sarpong invited organisations to approach GhIPSS to be assisted to set up and use e-zwich to pay salaries and commissions to their workers. “The flexibility and efficiency that comes with using the e-zwich PDS is amazing and I invite particularly organisations that continue to pay cash directly to employees as salaries to come and let’s talk” she said.

There are over 2.4 million e-zwich cardholders with at least 1.3 million of these cards with values at each point in time. Government agencies have been major users of the e-zwich PDS but there are 23 private companies also using the system.

Funds on e-zwich cards can be accessed from any bank branch and e-zwich agent outlets. There are also hybrid Automated Teller Machines (ATMs) on which e-zwich cards can be used as well as hybrid Point of Sales (POS) devices. These various outlets have made it easy for e-zwich cardholders to access funds on the card. It is also now possible for foreign remittances to be paid directly onto e-zwich card, which has also increased its utility.