The current hype on the media now is the e-zwich payment system. Quoting from their website,

e-zwich is the brand name for the common platform (the National Switch) that links the payment systems of all banks, savings and loans companies and rural banks in Ghana.It is an electronic platform that enables LOADING and SPENDING of e-cash and also allows the SETTLEMENT of inter-bank claims in addition to online transactions. Customers are able to effect transactions “offline” in underdeveloped areas where power and communication infrastructure maybe lacking. All transactions occur between a customer card and another card in a POS or ATM.

How it operates:
An e-zwich POS device is issued by a bank or savings and loan company with a retail merchant card registered to the owner of the e-zwich POS and linked to the owner’s traditional bank account. During payment, the owner’s customer’s e-zwich card is slotted into the card reader on the POS and debited by the amount of the transaction using the device’s keypad. The customer authenticates the payment with their finger print. Their card is then debited by the amount plus any other fees and credited to the merchant card of the owner of the POS. At the close of the day, all transactions are settled on the POS electronically through e-zwich to the owner’s bank account linked to the merchant card. All funds can be drawn from the bank.

To transfer money to the bank, the device is coupled with a settlement feature. When the settlement feature is selected, the device goes online using either an inserted SIM card from any of the major telecom service providers ( Onetouch, MTN, Tigo, Kasapa ) and a telephone line socket or an internet connection. The POS is pre-configured with the required e-zwich system host destination numbers. So no need to worry about numbers.

Other services offered by the device includes: money transfers, online and offline funds load, payments of bills, enquiries about the card, etc…

With this system coming to play, I foresee a leverage of our problem of online transactions. We can have our own online payment system without necessarily needing any of the international payment system out there ( paypal and the credit card systems, etc… ). Developers can now build solutions for online transactions specifically targeted towards the Ghanaian market. Well this will really work if e-zwich could provide a public APIs where third parties can write applications that support the system.

No need to be carrying huge money around. All is loaded into the card which is secure since using the card requires a finger print for authentication. Now the money snatchers will be out of business :).