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Central Bank steps up education on
e-zwich
Accra, July 18, Ghanadot/GNA– The Central Bank is stepping
up its education to banks and savings and loans companies on
the e-zwich common platform and biometric smartcard.
This follows the introduction of the smartcard and passage
of Anti-Money Laundering and the Credit Reporting Acts.
A statement issued by the Central Bank, said with effect
from September 1, 2008, all new personal customers of banks
and savings and loan companies must be issued with an e-zwich
smartcard as part of the Know Your Customer (KYC) process.
It said “Also, e-zwich smartcards must be issued to all
existing personal customers by December 31st, 2008 as part
of KYC procedures”.
The statement said to make it easier for the “unbanked” to
open bank accounts, under the new guidelines account,
opening procedures for people who engaged in low value
transactions, that is, below GH¢10,000, no longer required
proof of residence such as a utility bills.
“While such proof is desirable, it is no longer obligatory
unless where the bank considers otherwise. In any case these
customers should be issued with e-zwich smartcards.”
The Central bank said in addition to all the other benefits
of using the e-zwich smartcard, these measures would
eliminate identity fraud in the banking system because the
fingerprints of individual customers on the e-zwich
smartcard are unique.
GNA
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