Bank of Ghana (BoG) has disclosed that all payment systems will be migrated to Europay-MasterCard-Visa (EMV) from the magnetic chip system to improve bank transactions involving the use of Automated Teller Machines (ATM).
“This is to enhance security and reduce fraud in the industry,” the deputy governor of the Central bank, Dr. Johnson Asiama said during a press conference to announce the measure.
Ghana, he said has made significant strides in ensuring cashless society but more needs to be done as majority of Ghanaians still patronize the traditional means of carrying huge cash on themselves anytime they want to transact business.
He said “notwithstanding this laudable achievement, cash still dominates payment transactions and sadly a large number of our people are excluded from the formal financial sector. A lot remains to be done to develop the payment system in that regard.”
