The Ghana Interbank Payment and Settlement Systems, (GhIPSS) in Ghana has launched the e-zwich electronic product which will be used in construction industry in Ghana. The product was launched following the challenge faced by the construction industry when it comes to settling projects payments.
The product aims at minimizing time and cost incurred paying the construction workers, particularly those located at different project sites in different parts of the country. This usually results in delays, high processing cost and sometimes the movement of physical cash to project sites to pay salaries.
The bank is now urging the construction industry in Ghana to embrace and explore the e-zwich option to settle the projects arrears. GhIPSS Chief Executive, Archie Hesse, says that, the new invention can play a bigger role of resolving the payments difficulties using the Payment Distribution System (PDS) through the e-zwich. The PDS will enable construction companies to cut waste and enhance efficiency in payments.
According to Mr. Hesse, the system has so far provided solution to a number of companies with staff scattered across the country as well as those who are remunerated based on commission, to cut back on the inefficiencies in paying emoluments. The system has proven to be better, safer and quicker way of payment.
However, the PDS enables companies to monitor the payment of salaries and be able to trace all the payments made and received, for the purpose of future accounting and auditing. Interested organizations are encouraged to contact the bank for them to be provided with a guide on how to use the system.
In fact, all the banks are now required to issue e-zwich cards and the process is not cumbersome, however in cases of very large staff numbers, GhIPSS together with banks are able to organize e-zwich enrolment for specific organisations or groups of organisations.
