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Ghana has become the first country in Africa and the third country in the world to implement a national Quick Response Code (QR) payment system, following the formal implementation of Ghana’s Universal QR Code on Thursday, November 19, 2020 .
Ghana’s Universal QR Code, unique in its ability to meet the needs of both banked and unbanked customers, is the first of its kind in the world and is a key pillar in the government’s efforts to ensure financial inclusion, and continues the successful implementation of Mobile. Monetary interoperability.
Allows customers to make instant payments for goods and services from different funding sources (mobile wallets, cards, bank accounts) by scanning a quick response code on a smartphone or by dialing the USSD code of the payment service provider and following the instructions to make payment.
Demonstrating the practical use of the Code, Vice President Bawumia, accompanied by the Minister of Communications, Hon Ursula Owusu Ekuful, bought packages of local waakye delicacy from the famous Auntie Muni and paid for it from her phone.
“Today is a historic day. Once again, we are moving to solve a major problem in our society by facilitating access and payment for goods and services, ”Dr. Bawumia said delightedly.
“Ours is a cash-based economy, which is very inefficient. Historically, many have been excluded from the financial system, but since then we have been working to make Ghana’s economy more efficient and cashless, with the introduction of mobile money interoperability and, today, the universal QR code.
“A cashless economy has so many advantages. It promotes transparency, prevents theft, helps the growth of electronic commerce and fintech, and on this day of Covid 19, cash, which is a known polluter of the disease, can be avoided by using the QR code.
Vice President Bawumia revealed that 13 banks have so far implemented the QR code, while telcos Vodafone and Airtel-Tigo have also joined, and MTN is about to do so.
Dr. Bawumia praised the collaborative efforts of the Ministry of Communications, the Bank of Ghana, the Ghana Interbank Payment and Settlement Systems (GhIPSS), telcos and fintechs for once again achieving the seemingly impossible, and promised the government’s commitment to ensuring greater financial inclusion.
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