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An individual's identity and privacy is difficult to maintain because "public record" make personal indentifying information available to anyone who is willing to look for it. Public record is information that has been filed or recorded by local, state, federal or other government agencies.

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Customer support all-time availability: Original and well-researched content: Revision until satisfaction achieved: You get to have unlimited revisions until you are satisfied with the work. Cobb further added that Governments play a critically important role in creating an environment in which these benefits can be achieved in a way consistent with their own economic development plans. One such benefit is that electronic payments enable bank customers to handle their daily financial transactions without having to visit their local bank branch.

According to Humphrey, et al. Automating and streamlining electronic payments made from self-serve channels such as ATMs, branch office terminals and point-of-sale POS systems can reduce paper-based errors and costs.

A research work carried out by Visa Canada Association in collaboration with Global Insight revealed that electronic payments provide transactional efficiency to consumers, merchants, banks and the economy.

The Commonwealth Business Council also argues that payroll, pension and benefit cards can be effective entry-level instruments for banking and subsequent mainstream financial services- and they allow a greater proportion of funds to remain within the banking system until they are spent. Teenagers and young adults are often ineligible to open a bank account.

But because of employment, stipends or transfers from their parents or guardians, they may possess a sizeable amount of money. Prepaid card products for young people can teach them vital money skills, while keeping their funds in the banking system. In an attempt to make populace who are not into banking to have dealings with the bank, financial institutions could issue prepaid cards to customers, including those who currently do not have a banking relationship, enabling them to receive funds safely and conveniently.

In developing countries, remittances represent one of the primary source of foreign exchange and contribute significantly to consumer spending. Ghana being a developing country is no exception.

However the majority of these remittances are held in physical cash and for that matter is in circulation within the informal economy and therefore being kept outside the banking system. These remittances do not contribute as strongly to formal economic growth as they could.

Prepaid cards described above can help resolve this issue. According to Ackorlie, the active population is now hurting under the burden of the inconveniences and constrictiveness of having to endure heavy, cumbersome and usually unsafe cash-based payments in their day-to-day affairs and transactions. The use of any electronic transaction as a common platform for the financial sector would reduce physical circulation of cash.

The use of Information Communication Technology ICT products to simplify and speed up financial transactions has become part of everyday life in the developed world, but the developing world is yet to reap the full benefit that comes with e-payment system. The use of the electronic transactions system to do business is indeed not common in Africa.

In the advanced economies, physical circulation of cash is limited because most people use electronic means to buy and pay for goods and services.

The physical handling of money currencies is therefore reduced and the advantage here is that the government does not spend huge sums of money to print new currencies to replace worn out ones.

E-Zwich is the brand name for the common platform the National Switch that links the payment systems of all banks, savings and loans and rural banks in Ghana Haruna, , p.

The benefits of STK technology do come at a price. Depending on the number of individuals or households that are simultaneously affected, risks are either idiosyncratic individual or covariate aggregate World Bank Joha, There are a number of success stories from other countries including Brazil, Turkey, South Africa and Mexico among others provided the impetus for adopting social grants also known as cash transfer schemes as a mechanism for addressing extreme poverty in Ghana.

The LEAP programme started in with 1, beneficiaries. As of June , the beneficiary households had increased to 73, across the country. Through the programme, the government assists the poorest families with basic needs, including food and improved health. People who qualify under the programme include orphans, vulnerable children, the aged and the elderly from 65 years upwards and severely disabled persons who cannot work.

Under the programme, a household with one beneficiary is expected to receive GH?? The amount of money and the time of collection should be predictable so that beneficiaries will be able to plan their lives and those of their dependents. Beneficiaries should not spend too much time on to and from cash collection point, and time spent at the collection point should equally be reasonable such that beneficiaries who can engage other economic activities will be able to continue their activities uninterrupted.

Transferring liquid cash to beneficiaries involves a huge risk. It is therefore a high priority to minimize the risk of money going into wrong hands. In reality, the expected 6 payment cycles per year have not been implemented in full since the inception of the program, although the frequency of payments has seen some recent improvement cash was delivered on 2 occasions in and 4 times in When payments are missed, they are either postponed done later and separately or they are added to a future process and delivered in lump sums paid as arrears.

An assessment done for World Bank by Kilfoil, , established that the payments processes handled by the Ghana Post Office GPO is purely manual and thus demands lengthy lead times of over two calendar weeks, three days for actual payments to be made and thereafter one or two months for reconciliation.

Printed payment schedules referred to as vouchers , grouped by community districts, are physically delivered to the GPO HQ in Accra two weeks prior to payments occurring. The GPO posts the vouchers to the respective regional offices which in turn distribute the vouchers to the district offices. On receipt of funds, Regional offices inform the District offices of the targeted payment date.

Cash is withdrawn from the regional bank accounts on payment day and in the company of a police official the cash, together with the voucher sheets are delivered to the district communities for disbursement at the local pay-point. The DSW Officer countersigns the voucher sheet as the amount paid out to beneficiaries.

The voucher sheets and balance of funds are then returned to the Regional GPO for reconciliation. Once the regional voucher sheets are collated and reconciled they are sent to the GPO HQ for further recompilation before such results are presented to DSW. DSW reconciles payments made and then captures every receipt of payment in the DSW single register manually per line item. Specific findings with regards to challenges in the payment cycle include the following: Inefficient financial systems and processes: The process of reconciliation and liquidation after payments is inefficient, slow and completed at irregularly defined intervals.

Liquidations are done manually at district, regional and national levels, thus the process takes over a month to complete. Consequently, reports and liquidations arrive late at the LMU, and delay the start of the following payment cycle — this does not allow the LEAP program to provide the payments on regular and predictable basis. Low Geographic penetration of Payment Agency: Ghana Post was selected as the payment agency because of its nationwide coverage and decentralized structure, especially at the district and sub-district level.

Joint DSW-Ghana post distribution of cash transfers: This is an inefficient use of time and resources for DSW. The possibility of delivering cash to extremely poor and vulnerable households at a relatively low cost is one of the reasons why Social Cash Transfers SCT program are being implemented in many developing countries. The current costs per head of delivering the cash to beneficiaries, as compared to international standards, are high under the manual payment system.

The security of the resources to be delivered to the beneficiaries is not always guaranteed. Cash has to travel long distances before it is delivered to the beneficiaries. However, the capacity of the Ghana Police to support the payment mechanism in all the LEAP communities on bi-monthly basis is limited. Inconvenient Payment conditions and verification of beneficiary households: The travel distance and transportation cost for the beneficiaries during payments are currently not standardized.

In addition, conditions relating to the waiting areas and time, queuing especially under the sun or the rain and crowds management are unclear and unenforced. This opens up the possibility that some poor families could be put under undue strain during payments.

The issue of the identity of the person receiving the money is also a major concern and additional efforts need to be made to ensure the targeted households receive the cash. Additionally, they do not receive clear information on the amount that they are supposed to receive. This is aggravated by the recurrent delays in the delivery of cash, especially lump sums to cover missed payments. Given that the benefit level is not the same for every beneficiary household, lack of information increases the risk that some beneficiaries could be under or over-paid.

Lack of Complaints Mechanism: An important aspect of quality service delivery is the opportunity to provide feedback, issue complaints and receive responses from the payment agency.

There is currently no official mechanism to receive and answer complaints on payments. The Ministry selected 3 service providers including MTN, to perform an e-payments pilot to test a range of electronic cash delivery mechanisms for LEAP beneficiaries over 3 consecutive payment cycles. This pilot was to provide the Ministry with evidence as to the efficacy and efficiency of different electronic methods of delivering cash, the relative merits of different solutions and their impact on the beneficiary households.

In addition, it will give interested Payment Service Providers PSPs the opportunity to prototype, test and refine an electronic cash transfer mechanism that could potentially be contracted to reach more than , beneficiary households by Essay UK - http: If this essay isn't quite what you're looking for, why not order your own custom Finance essay, dissertation or piece of coursework that answers your exact question?

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