As part of measures aimed at improving cashless transactions in the country, Ghana Commercial Bank (GCB), has outdoored a new product, “GCB Lite Pay” to facilitate payment among business owners and traders.
The GCB Lite Pay is a card payment solution that combines a Europay, MasterCard, and Visa (EMV) certified card reader on a smartphone to accept and process payment transactions.
Speaking at the launch, the acting Managing Director of GCB, Mr. Samuel Sarpong, maintained that the product will move Ghana up in the digital cash regime and reduce the habit of carrying bulk cash in the informal sector.
“The product is a response to challenges with cash payments to lead the change in moving towards a cash-lite economy”, he said.
He stated that the product will facilitate faster service delivery and reduce high dependence on cash, while it gives merchants control over their receipts.
“This novel product ensures instant access to transaction data for reconciliation, and boosts customers confidence through real time receipt notification by email or SMS”, he added.
He explained that the product was also designed to assure GCB investors of management’s effort aimed at making the bank attractive to young Ghanaians and entrepreneurs.
On his part, the Board Chairman of the bank, Mr. Daniel Owiredu, stated that as a Ghanaian bank, the company will be guided by its vision to improve the lives of the citizenry through prudent investment.
He lauded the management team for leading the way to move Ghana into a cashless economy.
“GCB has led in the Bank of Ghana’s drive to achieve a cash-lite economy by implementing GhIPPs and other products such as GH-link which takes advantage of the 250 ATM locations as well as the e-zwich and ACH electronic”, he said.
He was optimistic this new payment system will be accepted by the informal sector workers of the economy.
“We expect that this key product will make payments easy for taxi drivers, food delivery services, mobile vendors and even trotro”, he said
Source: B&FT Online