E-Zwich is a revolutionary payment system that has transformed the way Ghanaians carry out financial transactions. This innovative platform was introduced to Ghana in 2008, and it has since become a crucial component in the country’s financial landscape. The brain behind the introduction of E-Zwich in Ghana is none other than Vice President Dr. Mahamudu Bawumia, a man of vision.
Dr. Bawumia is an economist and a banker by profession, with vast experience in both fields. He served as the Deputy Governor of the Bank of Ghana from 2006 to 2009, where he championed the adoption of new payment systems to improve financial inclusion in the country. During his tenure, he introduced several innovative initiatives, including the E-zwich payment system, which has had a significant impact on the country’s financial system.
The concept of implementing an electronic payment system in Ghana was not novel, as previous attempts to launch similar programmes had failed. However, these efforts were not effective owing to a lack of infrastructure and the expensive cost of implementation.
Dr. Bawumia recognised the need for a fresh approach to make electronic payments a reality in Ghana.
The introduction of E-Zwich was part of an extensive financial inclusion agenda that aimed to promote access to financial services for all Ghanaians. Before the introduction of E-Zwich, the financial landscape in Ghana was dominated by traditional banking institutions that served only a small percentage of the population. Most Ghanaians, particularly those in rural areas had limited access to financial services, which hindered their ability to participate fully in the country’s economy.
E-Zwich was designed to bridge this gap by providing a reliable and accessible payment system for all Ghanaians. The platform allows users to access their funds using biometric identification, which ensures that only the rightful owner can access their account. This feature has made it easier for Ghanaians to access financial services, particularly those who lack formal identification documents.
The feat of E-Zwich in Ghana has been phenomenal, with over 2.7 million Ghanaians registered on the platform as of 2021. The system has been used to disburse government social intervention funds, as well as the LEAP and NHIS payments, and has also been used to pay salaries for public sector workers, including NSS personnel.
In conclusion, the introduction of E-Zwich in Ghana by a Bawumia led team has had momentous impact on the country’s financial system, a testament to him being one of the competent politician in Ghana. The platform has provided access to financial services for millions of Ghanaians and has transformed the way financial transactions are carried out in the country, also, it has aided in advancing financial inclusion, lowering financial crime rates, and expanding access to financial services. It is a proof to the supremacy of innovation and the significance of financial inclusion in promoting economic growth and development.
BY: ENOCH OWUSU-APPIAH