Don’t lose your cash to floods and fires — GhIPSS
The public is being cautioned against keeping huge sums of money with them, at home or in their shops, as it would expose them to all kinds of dangers. The Chief Executive Officer of Ghana Interbank Payment and Settlement Systems (GhIPSS), Archie Hesse, gave the advice in reaction to reports that people lost money during the recent floods.
The national capital, Accra, was hit by a twin disaster of flood and fire which claimed the lives of over 150 people, destroyed properties and displaced many people. Many victims also complained that they lost their money to the flood.
While sympathising with the victims, Mr Hesse urged the public to avoid keeping huge sums of money on them.
He advised them to keep their money with the banks, since having access to their money was no longer a challenge.
He also urged shop owners to have Point of Sales (POS) terminals, so they can have a lot of their sales in electronic funds, which will not be lost in such disasters.
Mr Hesse explained that in the past, many people were not motivated to keep their money at the bank because access to cash at the bank could be cumbersome. He added that those days were long gone, since most people literally have access to all of their cash at the bank all the time by using the various electronic banking products.
“With your ATM card, you virtually have access to your money at the bank, because you can use the card to shop directly or withdraw from almost every ATM outlet, so that hindrance that existed is gone.”
He also said many banks today offered internet banking that allowed customers to make transfers from the comfort of their shops, offices or homes. “Even cheques are as good as cash these days because it can be cleared on the same day under express otherwise in two days under normal clearing,” he added.
Mr Hesse explained that following several developments within the financial sector, cash at the bank is as good as cash in hand and, therefore, urged the public to use the various non-cash forms of payments to avoid the temptation of keeping huge sums of monies in the shops, offices or homes.
He urged banks to constantly educate their customers on the existence and benefits of these electronic payment options, which he added would also help decongest banking halls.
He also encouraged people who know and use these non-cash payment options such as ATM cards on point of sales devices, internet banking, and cheques to share the message with their relations so they would avoid the risk of keeping money at home or shops and losing them to disasters.