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National ID Card for banking transactions will reduce fraud- Nana Otuo Acheampong

May 24, 2021
Stephen M.Cby Stephen M.C
in Banking
0
A banking consultant, Nana Otuo Acheampong, has described as unexpected the Central bank’s decision to reduce the policy rate to 13.5%. According to him, this poses as great news for Ghanaians.

Banking consultant, Nana Otuo Acheampong.

Banking consultant, Nana Otuo Acheampong has disclosed that the use of National Identification cards in banking transactions will help reduce fraud.

 According to him, this is needed particularly as Ghana is being taken off the list of countries with money laundering issues.

“All these are coming about as part of the anti-money laundering legislation. You know that Ghana was recently grey-listed; and fortunately by the end of the month we are going to be taken off. So, you have to ensure that your systems are so seamless that the fraud issues will be reduced. I mean nobody can eliminate completely. So, the more cards we have in the system; different type of cards in the system, the more difficult it becomes to reduce the incidences of fraud.

“So, I think having one card to cater for all, where we will be able to put in the necessary controls is the way forward; and it’s good that we do that”.

Additionally, he affirmed that there have been precedents with sim card registration fraud. That notwithstanding, he explained that such endeavours will likely encounter some pitfalls.

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“It goes to show that no matter what you do, there will always be some gaps somewhere. Which means that, the less different cards we have, the better it is”.

National IDs for banking transactions

Earlier, the Ghana Association of Bankers had revealed their intent to adopt only the National Identification card. According to the Association, this will be the primary source of documentation for banking transactions.

This was after a meeting with the National Identification Authority and the Bank of Ghana. Discussion is said to be far advanced and decisions on when it will take effect will be communicated soon.

According to the CEO of Association, John Awuah, the banks will soon communicate to customers onthe usage of only the National ID card.

“Discussions are presently ongoing and I’m sure in a short while; customers will get information from banks on how to use the national ID as a primary source of identification for banking transactions.

“With the recent debate ongoing over the national ID and others; we want a system where for a period, we can be using a parallel system; we’ll be using what we have now and national ID at the same time.

“But when that period is over; then the law says only the National ID becomes the primary document or card for inputting information of customers in banking transactions”.

Ghana is gradually, transitioning to the seamless usage of National identification cards for all transactions.

Vice President, Dr. . Mahamudu Bawumia, in his address at the 5th Ghana CEO Summit, revealed that plans are underway to ensure that all Ghanaians with SIM cards re-register them using the National Identification card.

This, he revealed, is to help rid the country’s cyberspace of fraud. He further noted that any individual who fails to take part in the exercise risks losing his or her SIM card.

Read Also: BoG to maintain policy rate this week- Analyst

Tags: bankingBanking fraudGhana NewsNational Identification cardsSIM re-registration
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