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5 years from now issuing of cheques will be a thing of the past - Bawumia predicts
Evans Effah|July. 09, 2019
- Vice President Dr. Bawumia has projected that the use of cheques for the payments of goods and services shall soon become obsolete in Ghana
- According to the economist, the rapid evolution of Ghana's payment system in the context of the digitisation agenda will cause a decline in the use of cheques in 5-years time
Vice-President Dr. Mahamudu Bawumia has predicted that cheques could become obsolete in the country within the next five years.
This, he said, could happen as a result of the rapid evolution of Ghana's payment system into a more digitised form.
Dr. Bawumia was speaking at the closing ceremony of the 2019 diaspora summit on Saturday, July 6.
He explained that cheques could soon be rendered obsolete in the payment for goods and services, adding that mobile money payments are already taking over.
He further stated that the introduction of mobile money interoperability has led to a massive decline in the use of cheques.
Currently, mobile money payments account for 70% of payments and cheques are continuously losing ground to electronic payments.
The Vice President noted that the situation for cheques is only going to worsen with the imminent introduction of a Universal QR CODE for payments platform in Ghana.
The above, he stressed, will result in instant payment and crediting of accounts, as has been adopted by Namibia, China and Singapore.
"If your account can instantly be credited why will you bother with cheques?" Dr. Bawumia asked rhetorically.
The Mobile Money Interoperability System is aimed at eliminating the complexities and inconveniences associated with transfers across the various mobile networks.
The is in line with the Akufo-Addo government’s vision to see Ghana’s economy transformed into a cashless one.
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