No Cheque Transactions – Business Live on JoyNews (11-7-19)

vice president dr. Mahmoud Bonilla has predicted that checks for payment of goods and services will soon become obsolete as a result of the rapid evolution in Ghana's payment system in the context of digitization agenda of government now according to the vice-president with the introduction of mobile money interoperability the use of cheques is now declining joy businesses Phillip Nam phooey has joined me in the studio to assess the preferred methods of payments for people and indeed the electronic wave is catching on thanks for being with us tonight so tell us about the various options we have for payments ok Dara thank you very much so we have cash we have checks we have the electronic platforms in a prepared infographic data from Bank of Ghana to show us exactly how the growth of these are the original house check check transactions growing in relation to our money and then their results will interest you let's look at some we'll continue our discussion all right so that is the statistics as we have it and so what are the preferred means of payments I see that mobile money is taking the lead right growing exponentially and see that's the use of checks the value has been declining you can see that the percentage has been going down also under the automated Clearing House we have direct debits where money your account is taken out in the record it's where money is put in when it comes to miss of payments I've got you three different types I took my wallet and in here have some meat Kangana knows he's got lots of cash is what we all we all used to touch the skin one of the exams in finance so you stuck it to your mother why you see that Amex my one that's very very very heavy and cumbersome so he said I have to put it in here and fold it put my back we'll get any come to complications would sit them down etc so I have my echo bank debit card visa if I want to transact pay for something electronically I just need a CBC number that's at the back of the card for for confidential reasons don't display my details but it's very simple if I want to buy something maybe online or something or making a payment to express pay up I use my card and easy data directly I'd love to go to anybody so I'm buying a time myself line everything then I have he again my mobile echo Bank again okay so yesterday I transferred an amount of 2000 an assets from this account to my stand chat account very simple out how to go to the bank manually to withdraw from this account and I'm going to put it again manually nerve accounts but what this is cut out all that stress so you see that the data are showing that yes electronic payments are going to become the big thing very soon but cash still Kimmy's ain't no finding out although mobile money is a thing now I don't have a mobile money account I don't have a mobile miner because of the reservations I have apartheid especially with security concerns so what are some of the concerns people have with each method of payment okay so there are some cash like I said boki but it's – rings – with this sometimes when the network of the merchant you are transacting with or the bank itself goes down were in trouble yes at a time that I couldn't buy credit from Express speed like a time because my bank was down at that time the network was down that's the problem my Internet's working everything goes oh that's fine at the same time people also have free that you know if somebody steals my phone there goes my data yeah and but there are some controls what some of the apps like standard language there's a controller and it's that even if your phone is stolen you don't have a public Oh so go ahead oh yes each one has this good size has its downsides but with these two electronic ones my cart and then my mobile wallet is easy Darrell I don't have to stress about women to a bank to take any money yes or no I mean the vice president is saying that predicting that in five years checks are going to be obsolete you think so not not completely time to decline but given our country and our culture of factors I think money cash is dotan and checks by all means wrong side by side all right Philip now we'll be back later in the evening with p.m. Express you want to hang around for that you get some more insights into business developments thank you very much Philip now for you

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