Banks have succeeded in converting domestic cards from magnetic stripes to EMV.
The EMV technology has an enhanced security system which is the preferred bank card technology globally.
EMV stands for Europay, MasterCard and Visa.
It’s the global standard for chip-based Debit and Credit Card transactions.
It’s a joint effort between Europay, MasterCard and Visa to ensure security and global acceptance.
The EMV standard was introduced in reaction to card associated fraud globally.
The technology has stood the test of time and countries across the world, including Ghana, are asking their financial institutions to ensure that their cards are EMV compliant.
The Ghana Interbank Payment and Settlement Systems (GhIPSS) is spearheading the EMV migration in Ghana.
There are foreign branded cards, as well as domestic cards, which are also referred to as gh-link cards.
The foreign branded cards in Ghana are mostly Visa and MasterCard and are already EMV compliant while a number of the gh-link card issuing banks have also completed the process and are also EMV compliant.
Others are however at various stages of completion.
GCB Bank, National Investment Bank, Republic Bank, as well as ARB Apex Bank, which serve Rural and Community banks, have successfully completed the process, making their cards EMV compliant.
Bayport, Bond, Best Point and Service Integrity are savings and loans companies whose cards are also EMV compliant.
The other banks, as well as savings and loans companies, are at various stages of completion to move their cards from magnetic strip to EMV.
A number of banks, who currently do not issue domestic cards but serve as acquirers, are also EMV compliant.
These are Ecobank, Standard Chartered Bank, Zenith Bank and Universal Merchant Bank.
The rest are GHL Bank and Consolidated Bank Ghana.
Archie Hesse, Chief Executive of GhIPSS, in an interview, urged the remaining banks and savings and loans companies to work assiduously to ensure that their cards are also EMV compliant within the shortest possible time.
He explained that the conversion was important to guarantee the security of transactions undertaken with the cards by the customers.