That
is the caution of Samuel Addo Otoo, Board Chairman of Yaa Asantewaa Rural Bank
and Chief Executive Officer of Easy Investment Cooperative Credit Union.
The
Bank of Ghana is expected to implement new policy documents to help regulate and
instill discipline in the industry and to boost public confidence.
These
include the recently passed Banks and Specialized Deposit-Taking Institutions
Bill.
Clause 143 of the Bill “provides for the transfer of a current or savings account which
has not been operated for a period of two years to a separate register of
dormant accounts”. The
dormant funds shall be transferred to a special account at the central bank.
According
to Mr. Otoo, the implementation of the Clause could result legal battles if
care is not taken.
“The
central bank will have to look at it again,” he said. “If for a period of two
years you’ve traveled and cannot access your accounts and the fund is
transferred to the Central Bank, it will bring a lot of litigation between the
banks and their clients and will not deepen the confidence of the people in the
banking sector”.
He
however believes the use of electronic payment system, where people can
remotely access their accounts, is a means to ensure the banking public can make
deposits and withdrawals without travelling to keep the accounts active.
“The
introduction of E-Banking by the various banks and other deposit would help
reduce the cost of banking services, improve customer service and boost
e-commerce transactions,” said Mr. Otoo.
The
Bank of Ghana, in partnership with the various banks and the telecommunication
companies, is rolling out a roadmap to make Ghana a cashless society by 2019 to
help reduce the amount of money that the central bank spends to print,
manage and decommission cash.
Mr.
Otoo noted that “the promotion of a cashless economy is a collective
responsibility of all stakeholders including banks, telecommunications
companies, IT companies, subscriber and the general public”.
Meanwhile,
Easy Investment Cooperative Credit Union is introducing the “Easy Smart Save
Online-Mobile Banking” platform which offers members greater flexibility, fast
and convenient access to their accounts and transactions from anywhere right
from their mobile phone or tablet.
By
Kofi Adu Domfeh
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