Ghana has the most advanced payment system architecture in the world – Bawumia

Vice President Dr. Mahamudu Bawumia has said that Ghana has the most advanced and most inclusive payment system architecture not only in Africa but in the world.

He made this assertion during a fireside conversation on the theme, “Transforming an Economy Through Digitalization- The Ghana Story” on Tuesday, November 2, 2021, at the Ashesi University, Berekuso.

According to him, Ghana is the first country in Africa to implement a universal QR code payment system that accommodates both bank account and mobile wallets.

“We have recently rolled out a universal QR code payment system which allows all merchants and service providers as well as individuals to receive payment instantly on their phones as customers scan their QR codes or dial a USSD code for ‘yam’ phones,” Bawumia said.

The Vice President added that the digital payment infrastructure is boosting e-commerce in Ghana. "Business is now taking place all over Instagram, Facebook, Twitter, etc. Many people who cannot afford to rent or build shops are able to do business on the internet at little cost with deliveries helped digital address and payment using mobile money interoperability. Ghana has therefore put itself in a position to grow e-commence and create jobs. Ghanaians will be able to shop online with other global online giants like Amazon’s using mobile money.”

He also revealed that measures are being put in place to minimize human contact in our various institutions by embarking on aggressive digitization of the processes of service delivery across public institutions like Passport Office, Ports, Drivers and Vehicle Licensing Authority (DVLA), Motor Insurance Database, Registrar- Generals Department, Births and Death.

The lecture, which was attended by members of academia, students, the clergy, chiefs, and other members of the general public, was the latest by Vice President Bawumia, aimed at getting the citizenry, particularly the youth, to have a greater appreciation of the work being done in the digital space, and solicit their views on other areas that may need special attention.