Abstract:
This study investigates the challenges of implementing and using electronic payments in Ghana. In addition, it also attempts to assess the degree of usage of card based payments systems i.e. e-zwich, debit and credit cards. Several electronic payment systems have been introduced into the country in recent times with the most significant being e-zwich smart card payment system, a national domestic smart card payment system meant to reduce the large amount of cash held outside the banking system. Despite the progress made, it is estimated that only 20% of the population have bank accounts and 90% of the cash issued by the Bank of Ghana is still held by the non-bank public
Description:
Electronic Payment Systems apart from their convenience and safety also have a significant number of economic benefits (Ann Cobb, 2004). The major economic benefits of EPS include mobilizing savings and ensuring most of the cash available in the country are with the banks. This will make funds available to borrowers (businesses and individuals). Furthermore, an electronic payment system has the ability to track individual spending; to facilitate the design of products by the banks. This information is also useful to the government when making economic decisions.
