The Bank of Ghana (BoG) is set to migrate all payment systems of banks in the country from magnetic chip to Europay-MasterCard-Visa (EMV) chip-based cards in 2017.

The central bank of Ghana believes that the move will help to enhance security and reduce fraud in electronic transactions.

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Speaking at the inauguration of the Payment System Council, Bank of Ghana governor Abdul Nashiru Issahaku said: “The Bank of Ghana in collaboration with the banking industry is migrating all payments cards from magnet stripes standard to EMV chip and pin standard this year. This is to enhance security and reduce fraud in the industry,

“Notwithstanding this laudable achievement cash still dominate payment transactions and sadly. A large number of our people are excluded from the formal financial sector. A lot remains to be done to development the payment system.”

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