Plans to integrate west African banking systems announced

Jun 27, 2011

New plans to integrate several banking systems in certain African countries have been announced.

Financial institutions in Ghana, Nigeria and French-speaking west African nations could be linked in a bid to improve they way in which they operate with each other, the Daily Trust reports.

The announcement was made by Fred France, Chief Executive Officer of Ghana Interbank Payment and Settlement Systems (GHISS), at the recent launch of Ghana's Automated Clearing House, Direct Credit and Direct Debit payment in Accra.

He also explained that GHISS is working with the Bank of Ghana to introduce an open switch payment platform.

This initiative will have a number of benefits, such as allowing biometric, MasterCard, Visa and other branded transactions to take place on behalf of banks in Ghana, Mr France stated.

"There are plans to connect Ghana's national switch to those of Nigeria and the west African French-speaking countries," he said, before adding that another west African switch will "enhance interoperability between the systems of all banks in the sub-region".

GHISS was established in 2007 with the purpose of establishing the country's national switch payment system and providing smartcard services.