Use ICT to run cashless, branchless banking industry – Minister

Financial institutions, especially the banking industry, were on Tuesday asked to leverage Information Communication and Technology (ICT) to fight corruption, money laundering and to drive the industry into a cashless and branchless one.

Mr Haruna Iddrisu, the Minister of Communications, said at the 16th National Banking Conference held in Accra that the use of ICT was critical if the industry was to experience an improved service delivery and to roll out innovative financial products.

It was on the theme: “E-Banking and Payment Systems: Impact, Opportunities and Challenges for Banks in Ghana”.

Mr Iddrisu said the Government had invested $200 million to construct ICT infrastructure throughout the country.

Mr Clifford Duke Mettle, Acting President of the Chartered Institute of Bankers, said electronic banking was central to the operations of players in the financial industry adding that it had greatly impacted the industry.

He called for the strengthening of the industry’s regulatory framework regime and recommended that strong fire walls should be built to save and secure the banks and other financial institutions against hackers.

Source: GNA