NATIONAL BANKS PROJECT
Published on: Mar 3, 2016
Transcripts - NATIONAL BANKS PROJECT
INTER-BANKS REMITTANCE &
CASH TRANSFER PLATFORM
Complied and presented by The Service Professionals
CEO BENNETT EGHAN
1. A SINGLE CASH PLATFORM FOR GHANA
2. CHALLENGES WITHIN THE INDUSTRY
3. IMPACT OF CHALLENGE ON THE CASH REMITTANCE INDUSTRY
4. THE WAY FORWARD
6. MANAGEMENT AND MARKETING CONSORTUIM BOARD
8. OPERATIONAL PROCESSES AND PROCEDURES
9. MARKET SIZE
10. VALUE OF PRODUCT AND SERVICE BENEFITS
11. COMPLIMENTARY PRODUCT AVAILABLE ON THE PLATFORM
A nation wide cash remittance transfer system
An inter-bank platform to facilitate cross cash transfer among banks,
financial and nonbanking institution.
Creation of the single biggest platform for domestic cash transfer
A service to cover every district in Ghana
The inclusion of the informal sector in the formal banking system
A SINGLE CASH TRANSFER PLATFORM FOR GHANA
Lack of inter-banks transfer
The inconvenience of electronic cards and its impact on transfer
Higher percentage of the illiterate in non-formal sector
No national platform that can pay across all regional fronts
Small pockets of regional platforms that have failed to link for both
cash deposits, payment and transfer services.
The high cost of physical presence and location of financial institution
offices and banks nation-wide
Lack of representative banking for and on behalf of all banks and
financial institutions nationwide.
CHALLENGES WITHIN THE INDUSTRY
Delays and complications in simple money transfer transactions.
Loss of time and varied inconvenience for clients in sending and
receiving cash at deposit and collection points.
Complex identification processes.
Relatively expensive service because of the lack of uniformity in
Lack of cohesion and collaboration within inter-bank electronic
systems, that must have one of its basic benchmark as
interfacing and integration.
IMPACT OF CHALLENGES ON THE CASH AND
The real time realization of transaction; speed, efficiency and
the ease that should characterize modern day electronic
technology is absent.
Clients’ underserved and un-served ;there are various areas
across country that are not covered because there are no
banks but have a post office.
The informal sectors that form the largest part of the economy
are unfortunately excluded from the financial platform for
The Telcos are thus taking advantage of the market vacuum
created by the lack of service and are cashing in on this space.
But their(Telcos) virtual banking is exposed by lack of
inconsistency and lack of capacity to pay on the part of their
IMPACT OF CHALLENGES ON THE CASH AND REMITTANCE
The creation of single electronic platform which
commands the following operational properties.
Reconciliation and settlements
Real time reporting
THE WAY FORWARD
Establishment of user friendly points of entry for officials through the various
Point of Sale (POS) devices Mobile Phones, Desktop, Laptop, Call Centre, etc.
Access will be provided to all banks and financial institutions to facilitate
electronic transaction processing.
Integration of as many Banking products and services in addition to other
financial services will be deployed.
Real time transaction processing and real time integration with vendors
Availability of relevant data to facilitate a better interaction between teller and
Real time account reconciliation and daily settlement data
Provision of access to real time transaction processing platform via WAP, Web
and other means available to the clients.
There is a need for an independent body to do the following;
Manage, coordinate, market and sustain the concept and the product on a daily
A body which will be detached from the machinations of the financial and
banking sector and will seek solely to project the essence of the scheme.
A composition of professional people whose contributions will be of relevance
to the scheme
A body that will take into consideration the benefits of the money market, the
risk and the ever changing role of technology.
Ensure that all the above mentioned combination of technical and financial
variables will eventually play to the total advantage and profitability of the
MANAGEMENT AND MARKETING
The Ministry of Finance and Economic Planning
All Commercial Banks
The Bank of Ghana
All Financial Institutions
The Apex Bank
All Savings and Loan establishment
The Service Professionals/ Roriama Data Services
All Money Transfer Establishments/ Forex Operators
Ghana Post Cash transfer Services
All users of the platform will have to go to participating Banks and
financial institutions to access service of the platform.
The sender will give details to the Bank tellers and pay cash as well
as a commission
Some other procedural requirements will be the destination and
identity of the receiver which the system will generate as standard
to be completed for onward transmission.
In essence this transaction will be between the sender and the
Banks and other financial institutions will provide cash deposit and
TSP/RDS will provide and supervise the data management that will
form the software platform .
All Banks will provide cash deposit and collection as well as payment
and receiving points for the service and product.
Roraima Data Service will provide the operating software platform
and interface for the electronic functionality of the product.
OPERATIONAL PROCESSES AND PROCEDURES
The following permutations are worthy of consideration and will create a national
platform comparable to none with the capacity to accommodate all and more.
The number of Commercial Banks = 750
The number of non-Financial Institution = 200
The number of Rural Banks = 700
The number of Savings and Loan establishment =?
The number of Money Transfer Establishments =?
The number of Ghana Post Cash transfer Services = 300
The number of Money Lenders and Susu operators =?
Total ( One Thousand Nine Hundred and fifty branches)
One platform, One product, One charge and One currency
Elimination of Delays
Simple money transfer transaction.
Real time speed delivery and varied in sending and receiving cash at
deposit and collection points
Relatively cheap service because of the uniformity
Cohesion and collaboration with and within banks
The full realization of the potential of an electronic system for high
frequency in operation and participation
The real time realization of transaction speed, efficiency and ease would
characterize everyday service.
VALUE OF PRODUCT AND SERVICE BENEFITS
A larger area of coverage and a wider network will increase
The informal sector, the largest part of the economy will have the
opportunity to participate
Banks and financial institutions will be exposed to a larger clientele
and will have increased participation in their products and services
New and virgin territories will be opened up for business
Excess cash will be mopped up.
Increase in service profits will be realized
Other complimentary services and products of banks will also gain
Opportunity to determine the business potential of new territories
The system will offer Foreign remittance collaboration in addition to
the local services
VALUE OF PRODUCT AND SERVICE BENEFITS
Nationwide Savings platform
Nationwide Cash Deposit platform
Representative Banking/ Foreign Remittance collaboration
Mobile Money Compatibility
Student Money Transfer( a product for SHS with boarding facilities)
COMPLIMENTARY PRODUCTS AVAILABLE ON THE
The Ghanaian money transfer system market offers a very lucrative
platform for the business.
This platform is absolute, convenient and appropriate for all
Designed for convenience and efficiency
Built for the future but appropriate to use today.
Simple, robust, versatile and dynamic.