Banks’ Digital Cash Services Lack Publicity – BoG

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The financial services sector is awash with digital cash services and products, yet little is done by the innovators to help create public awareness and usage of same, the Bank of Ghana (BoG) has observed.

The lack of publicity for the products and services was a major drawback to the digital revolution, the Director of Payment Solutions at the Bank of Ghana, Dr Settor Amediku, said at the launch of Zenith Bank’s ‘Go Lite with Zenith Bank’ campaign.

Zenith Bank’s management team listening to Dr Settor Amediku at the launch of the ‘Go lite with Zenith Bank’ campaign

“We have witnessed the zeal and enthusiasm coming from banks to introduce various forms of products and services.

However, our major concern has been whether these products are even known by the staff of these institutions.

This is the major problem we are facing as a central bank,” he observed.

He said although the central bank in 2018 alone approved 40 digital-based products and services for banks and otherpayment service providers, most of the products were still unknown to the public, with the innovators doing little to attract public attention for their inventions.

As a result, he said, plans were underway by the central bank to encourage banks and other payment service providers to showcase their products and services to the public to help whip up enthusiasm in the digital space.

“When approvals are granted, these products need to be made known to the people so there have been discussions to explore the possibility of celebrating financial services week where we will bring together all the service providers, banks, financial technology companies (fintechs), mobile money operators to come and showcase their products and services to the people,” he said.

Meanwhile, Dr Amediku has commended Zenith Bank for raising awareness of its digital-based products and services.

He said the ‘Go Lite with Zenith Bank’ campaign would ensure that the public was familiar with the bank’s digital products and services.

“This should complement the government’s agenda of moving the country towards a cashless society,” the BoG’s Director of Payment Solutions stated.

The Managing Director and CEO of Zenith Bank Henry Oroh has reiterated the bank’s commitment to supporting the Bank of Ghana(BoG) to promote a cash-lite economy in Ghana.

Some staff members of Zenith Bank at the launch of “Go Lite with Zenith”

Mr.Oroh explained that the campaign is targeted at promoting less use of cash. “The “Go Lite with Zenith Bank” Campaign, is aimed at raising awareness of the bank’s digital products and services that make banking faster, smarter, safer, and more convenient for our customers, as well as promoting the government’s agenda of a cash-lite economy.”

The campaign which is expected to run for the rest of the year will see Zenith Bank raising awareness about products and services like GlobalPay, Scan To Pay, Internet Banking, mobile money Bank2wallet, ZMobile and one of the widest variety of cards; including the bank’s Proprietary cards, E-zwich, Visa and Mastercard, Salary Payment Solutions, Platinum Products, Dollar denominated Global Travel Wallets as well as Prepaid/Debit cards for all of Zenith Bank’s customers.

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