Transactions through e-zwich reaches GH¢35.5m in 2011 – GhIPSS

Patronage of various e-zwich products and services continue to rise, with the value of transactions involving payment of salaries and loans going up to GH¢35.5 million last year from GH¢15.5 million  in 2010.

This represents an increase of 130 per cent.

The volume also increased by 116  per cent from 47,046 to 101,622 transactions, Mr Archie Hesse, General Manager in Charge of Project and Business Development at the Ghana Interbank Payment and Settlement Systems (GhIPSS) told the Ghana News Agency in an interview on Tuesday.

He explained that these transactions involve salaries, disbursement of loans and benefit payment through the e-zwich Payment Distribution System (PDS), which enables companies to pay commissions, or other forms of remuneration to thousands of workers in the fastest possible time and it is received on the e-zwich card.

Mr Hesse explained that the impressive growth in the patronage of the e-zwich PDS is due to the obvious advantages of quick and convenient payments.

Figures from the GhIPSS indicates that the number of companies which now use the PDS has also more than double from 20 in 2010 to 50 at the end of 2011.

Meanwhile, internal money transfers through the e-zwich also experienced a growth of 147 percent in 2011.

Source: GNA