Government must up education on cashless payment systems

 Mr Nii Armah Amarteifio, Events and Public Relations Executive for Foreign Investment Network (FIN) in Ghana, has urged Government to increase its education on cashless payment system to achieve the cashless society agenda.

Government over the past few years initiated a number of programmes, including; the Universal QR Code as part of measures to move the country to a cashless society and digitalise the economy.

However, the country’s illiteracy rate continues to hinder the smooth transition from cash to cashless society.

Speaking to the media on the sideline of a news conference ahead of this year’s African Cashless Payment Systems Conference (ACPSC) in Accra, on Tuesday, Mr Amarteifio, said Government must ramp up its sensitisation of the citizenry on the benefit of a cashless society to ensure that no one was left behind.

He said though the country made significant strides over the years, the high illiteracy rate could pose major threats to the agenda if education was not improved.

“In terms of illiteracy rate in Ghana, we know that it is quite huge and that is why one can say that Ghana is lacking behind, but I don’t see it that way because it depends on how you look at it. In terms of people who are not enthused about this whole cashless system, what we can do is to still talk about it, still educate them and let them understand that it is quite easy for one to do business either by your phone, laptop and computer. That is the best way to go now because it has enormous benefit,” he said.

The ACPSC, organised by FIN with support from Forbes Custom Emerging Markets New York, sought to among other things strengthen cashless financial system in Africa, expand financial inclusion and infrastructure, strengthen and support the capacities and development institutions on the continent.

It is scheduled to take place from Sunday, November 28 to Tuesday, November 30, 2021.

Speaking ahead of the conference via zoom, Mr Gary Randall, Director of Business at FIN, said it had become urgent because cashless economy had become the platform for global monetary transaction.

According to a Bloomberg report, the contribution of the financial-technology industry to Sub-Saharan Africa’s economic output would increase by at least $40 billion to $150 billion by 2022.

He noted that the ACPSC would, therefore, facilitate latest technology demonstrations, knowledge sharing, networking and one-on-one business meetings among decision makers and solution providers to drive the cashless payment system agenda in Africa.

“The conference shall interrogate the technology behind different cashless payment solutions compared to traditional payment systems, including; debit cards, credit cards, electronic funds transfers, direct credits, direct debits, mobile money, cash wallet, internet banking, payment apps and e-commerce payment systems,” he added.

Approximately, 60 countries are expected to participate in the event.

Mr Myke Uzendu, Communications Director for FIN, urged African governments to improve on information technology infrastructure to facilitate Africa’s cashless payment system drive.