Around 290,000 point of sale (PoS) terminals will be needed for Ghana to implement a cashless policy, with US$145 million of investment also essential.
Speaking at the “Achieving a Cashless Society – the Role of Banks, the Government and the Customer” forum, hosted by Ghana Commercial Bank (GCB) as part of its 60th anniversary, Simon Dornoo, GCB’s managing director, said those countries with a leading e-payments ecosystem had on average 2,000 PoS terminals per 100,000 adults.
The Ghana News Agency reported Dornoo telling the audience GCB was hoping to speed up the process by allowing customers to use its ATMs free of charge, as well as its internet and mobile banking.
He said: “The payments infrastructure has expanded and banking systems are now interoperable so the conditions are right to move a lot faster to join those countries that have made significant progress towards this goal.”
A cashless society would see consumers and businesses move money around purely with use of cards, electronic transfers and PoS terminals.
While the developed world uses an average of 80 per cent cashless methods, in Ghana it is the opposite.
