The Bank of Ghana (B.o.G) has introduced a new electronic payment system called e-Zwich.
e-Zwich, a name for the National Switch, is an initiative by the Bank of Ghana Bank in collaboration with other banks in Ghana to bring the payment systems in Ghana up to the best international standards. e-zwich participants will include the banks, bother major and rural, savings and loans companies, merchants, services providers employers, tax revenue collectors and individuals making or collecting payments for goods and services
Additionally, The Bank of Ghana has formed Ghana Interbank Payment & Settlement Systems Limited (GhIPSS) to manage the new and modern Ghana Interbank Payment & Settlement System (e-zwich).
The National Switch, e-zwich - the generic name for the Universal Electronic Payment System - will provide a common platform for most retail payment transactions in the country through integration of all existing bank switches thereby enabling the interoperability of all ATMs and Point of Sale (POS) systems.
e-zwich will be responsible for accommodating local debit/credit magnetic stripe cards, international branded association cards, Universal Electronic Payment System (U.E.P.S.) smart cards, e-zwich Mobile Phone Bank Accounts, and in the future, cross border transactions.
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