In a bid to move towards government’s agenda of achieving a cashlite economy, more banks in the country are rolling out products to promote cashless transactions.
The banks further believe a cashlite economy will help reduce the cost of printing and maintaining currency notes.
Speaking to Citi Business News on the matter, Head of Retail Banking at Standard Chartered Bank, Henry Baye said a cashlite economy will also enhance financial inclusion.
“Making payments without cash is extremely important for any country, if you ask anybody who is involved with the monetary system at a central bank level to find out the cost of printing money it is humungous, and so when we learn as a country to switch payments through electronic means without always exchanging physical cash it reduces significant cost on the country,” he noted.
He added that with the use of electronic payment cards, customers would be able to purchase items in a safe and convenient manner.
“it’s much more secured so all of the dangers of somebody saying I’m holding cash and somebody stole it, or I’m counting the cash and it wasn’t enough all of those inconveniences around insecurity are totally eliminated when you have a card on which you can make payment,” he said.
He spoke to Citi Business News at the sidelines of Standard Chartered Banks Visa Infinite Credit card launch.
Explaining how the card aids financial inclusion, Mr. Baye, said “At Standard Chartered, we’re focused on bringing the latest in cutting-edge digital capabilities to the market. The launch of the Visa Infinite Credit card which is the first in Ghana marks another milestone in the bank’s 120 years history in this market. The credit card will change the culture of transacting business in Ghana while we move towards a new era of becoming a cashlite society”.
Also present at the launch was, Chief Executive of the bank Mrs. Mansa Nettey.
She reiterated that , “The introduction of the Standard Chartered VISA credit cards is in line with our goal of making banking easy and convenient. Our aim is to provide our clients with the widest range of options possible in facilitating their banking transactions.
“The benefits of credit cards goes beyond the client to the overall economy as it leads to increase in spending levels and positively impacts GDP,” She added.
About the cards
Clients can also choose the Standard Chartered Visa Platinum Card which provides 3X (three times) reward on shopping and dining and 1X on all other purchases as well as purchase protection for up to 30 days.
The Standard Chartered Visa credit card is ‘chip and pin’ enabled and has two factor authentication processes for greater security.
Holders of the card also get to redeem their rewards in one of the best rewards programmes in Africa via a comprehensive rewards platform.
By: Anita Arthur/citibusinessnews.com/Gh