| E-ZWICH, The New Wave of Electronic Banking in Ghana |
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October 03, 2008 6:14 PM
With the introduction of the E-ZWICH in Ghana in the first half of 2008 AD, there has been a lot of excitement in the country about the potential and benefits of this elctronic banking solution. I have received my E-ZWICH smart card and successfully done several transactions with it. Have you? As a consumer, what do you think about the project? Is the project worth it? Is it going to really benefit you in any way? What are the flaws of the syatem? Do you personally believe it will work or fail, and why?
As an entrepreneur what can you do to promote electronic business in Ghana, perhaps through the E-ZWICH? Let's get talking.
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October 04, 2008 11:26 AM
Does E-WICH, which is basically a debit card, allow on to make online purchases? This would definitely facilitate international commerce and promote international business collaborations with Ghana.
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October 08, 2008 12:40 PM
I do not know if E-ZWICH allows online transactions but I would be very glad if it did. The idea of cashless transactions in Ghana is relatively new and seems to have many advantages. People do not need to carry huge sums of money on them, the card can be used by only the owner since it requires their fingerprint, can be used in many locations all over the country and many more. It is a great and innovative idea for the business environment in Ghana and would be a very successful project. Unfortunately I have not received mine yet because I will need money in my 'account' to use it - I have been saving very hard for it.
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December 03, 2008 3:39 PM
The E-ZWICH project is being implemented in phases. In the first phase, transactions over the Internet is not enabled. This will however be possible in subsequent phases. In the next phase, mobile/cell phones will be enabled for E-ZWICH transactions.
It is important for us to know that this electronic payment solution is designed mainly to promote trade within Ghana. This is why it is accessible in all parts of the country including the areas with no access to the Internet, electricity, banks and telephone networks. This makes it a truly great technologyy solution for a vast majority of the Ghanaian population.
The potential exists for the integration of E-ZWICH with similar systems in neighbouring countries. This could open great business potentials for entrepreneurs in Africa and strengthen trade within the region.
For those interested in business transactions over the internet, credit/debit card solutions exist. A number of banks in Ghana are now offering this facility to their clients. Those who sign up for this are quite few though. I believe one of the reasons is the slow rate of technology adoption (not only in Africa, but all over the world) especially when it has to do with people's money. I think it's a bit slower here in Africa because people are now being introduced for the first time to the concept of electronic funds on plastic cards.
Though it may take a while (and I don't expect it to be any faster unless the various stakeholders invest in public education), I believe it is a step in the right direction. Once this phase is accepted well, many more sophisticated ones will follow.
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December 06, 2008 12:37 PM
I agree that advancements in business transactions like the E-ZWICH are a step in the right direction. What I wonder about is why we are not told during the public announcements and adverts how much one gets charged per transaction. How much are we paying to transact business "cashlessly"?
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December 06, 2008 1:04 PM
I agree with you about the lack of information in the advertisements, Diamond. But i suspect that the reason why this is so is because E-zwich is supposed to discourage the use of cash for day-to-day transactions. So using the e-zwich instead of cash is free but i expect there to be small charges when it is used to make a cash withdrawal similar to the ATM cards.
We attended a presentatin this week about where the feasibility of the idea behind E-zwich was questionable. Would it be beneficial for all people across the country? And is the Biocryptic identification systemfor extra security good enough? considering the limitations of those who are expected to use the system?
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