[ 2016-11-01 ]

Govt launches Cash Xpress Card

Government has launched the Ghana National Single
Window(GNSW) Cash Xpress Card to help pay Customs
Duty on the Ghana Trading Hub portal.

The card which was designed by Ecobank is also
directed at removing cumbersome procedures at the
ports to facilitate payment to the Ghana Revenue
Authority(GRA).

Speaking to Citi Business News after the launch,
Finance Minister Seth Terkper explained that the
initiative will reduce the cost of doing business,
while it improves government’s revenue.

“First of all, its part of our cashless society
effort, secondly we are bringing in more people,
it’s part of the financial inclusion agenda, and
then thirdly it mobilizes, it helps the banks
mobilize resources as part of the financial
inclusion agenda,” he said.

Mr. Terkper stated that the card will greatly
reduce bottlenecks in the payment systems as well
as improve the revenue that comes into the
Consolidated Fund for development.

Enumerating how it will reduce time spent in
making transactions, Mr. Terkper explained that
exporters and importers will no longer be required
to go into a banking hall to make payments or make
withdrawal.

“ It reduces the cost of doing business as you
mobilize resources more quickly. The inconvenience
of going to a bank, withdrawing money going to
make a payment and taking back, the card
substitutes for all of these,” he said.

He stated that the Ministry of Finance and the
Bank of Ghana have designed more initiatives aimed
at reducing human interaction in Ghana’s payment
system to encourage E-commerce.

“So as a Ministry together with the central
bank, we have been launching improvement to the
payment systems in the country, we spearheading
the E-payment systems in government and I think
this is a very good example of how the cost of
doing business as far as government is concerned
can go down,” he said.

Source - Citifmonline

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