The cash-lite dream has been the core objective of many countries in the world due to its socioeconomic benefits, safety and security of cash flow among other things.
The concept also fights against money laundering and makes it easier for cash to be tracked.
It is in this vein that the National Lottery Authority(NLA) through a collaborative engagement with the Ghana Revenue Authority (GRA), banks, telecommunication companies, Ghana Water Company, Power Distribution Services Ghana (formerly ECG) and other agencies are set to roll out a full cash-lite system in the country with the NLA’s e-kiosk model.
A Statement signed by the Public Relations Unit of the NLA and copied to the media said, the concept is one of the practical ways to improve digitization of the Ghanaian economy.
It said the NLA’s Cash-lite Policy would ensure Interoperability between bank accounts, mobile money wallets, Point of Sales Terminals (POS), Value Added Tax and other electronic payment platforms.
The statement said, the policy is aimed at reducing (not eliminating) the amount of physical cash circulating in the economy and encouraging more electronic-based transactions.
It said Ghana has the baseline infrastructures such as RTGs, Automated Teller Machines and POS Switches coupled with a mobile money Interoperability for the purpose of achieving a cash-lite economy.
According to the statement, Ghana is still very much a cash dependent Society which economy has been a long awaited dream for Ghana and the e-Kiosk platform would lead in ensuring the realization of that dream.
It said the Payment and Settlement Act passed by Parliament in March this year empowered the Bank of Ghana to establish, operate and promote any course that thrive the electronic payments system in the Country.
The statement added that the Ghanaian payment governance is driven primarily by the Bank of Ghana together with Ghana Interbank Payment Settlement System(GhIPPS) being the delivery arm.
The statement said, the NLA currently has about 10, 000 Sales Centers across the country and coming on board with the Solar-powered e-kiosk, the Authority is aimed at increasing its sales centres to about 40, 000, “that is one per polling Station and electoral areas.”