Access Bank (Ghana) Plc and Visa, a global leader in digital payments, have launched 'Visa Accept', a solution designed to facilitate contactless card payments for micro, nano, and small merchants across Ghana. This innovation allows merchants to accept payments directly on their smartphones, eliminating the need for additional hardware. The introduction of 'Visa Accept' aims to address a significant challenge faced by many small businesses in Ghana, where the cost and complexity of traditional point-of-sale infrastructure have limited their ability to accept card payments.
The 'Visa Accept' solution enables merchants to create a seller profile within the Access Bank mobile banking app and begin accepting payments within minutes. Consumers can make payments using a contactless card or mobile wallet, scan a QR code, or receive a secure payment link. This approach not only simplifies the payment process but also provides a secure and efficient way for merchants to manage transactions. Funds are settled to the merchant's existing bank account in near real-time, ensuring timely access to their earnings.
Fabrice Konan, Country Manager for Visa in Ghana, highlighted the growing demand for digital payments in the country and the challenges faced by smaller merchants in adopting these solutions. He emphasized that 'Visa Accept' is helping to bridge this gap by making it easier and more affordable for micro and small businesses to accept digital payments using their existing smartphones. This expansion of digital acceptance is expected to encourage more merchants to participate in the digital economy.
Eugene Ocansey, Executive Director of Retail and SME Banking at Access Bank (Ghana) Plc, expressed the bank's pride in partnering with Visa to introduce this solution. He noted that the majority of businesses in Ghana are SMEs and that 'Visa Accept' provides an opportunity to transition informal businesses into the formal economy. By providing a tool that brings in merchants' money and makes their cash flow visible, Access Bank aims to make SMEs more bankable.
The launch of 'Visa Accept' is a significant milestone in Ghana's digital payment landscape, as it addresses a critical challenge faced by small merchants. With 'Visa Accept', merchants can now accept digital payments in a cost-effective and efficient manner, promoting financial inclusion and economic growth. The solution is now available to eligible Access Bank Ghana customers nationwide, who can enroll through the Access Bank mobile banking app or visit an Access Bank branch for assistance.
The partnership between Access Bank and Visa reflects a broader trend of collaboration between financial institutions and technology companies to drive financial inclusion and digital payment adoption. By leveraging Visa's technology and Access Bank's reach, 'Visa Accept' has the potential to transform the way small merchants in Ghana conduct transactions. As the digital payment landscape continues to evolve, such innovations are expected to play a crucial role in shaping the future of commerce in Ghana.
As 'Visa Accept' becomes more widespread, it is likely to have a positive impact on Ghana's economy, particularly among small businesses and informal traders. By providing a secure, efficient, and cost-effective payment solution, 'Visa Accept' can help to increase financial inclusion, reduce transaction costs, and promote economic growth. Key stakeholders, including merchants, consumers, and financial institutions, are expected to benefit from this innovative solution.
Key points
- Access Bank and Visa have launched 'Visa Accept', a solution that enables micro, nano, and small merchants in Ghana to accept contactless card payments via smartphones.
- The solution aims to address the challenge of high costs and complexity associated with traditional point-of-sale infrastructure, promoting financial inclusion and digital payment adoption.
- 'Visa Accept' is now available to eligible Access Bank Ghana customers nationwide, who can enroll through the Access Bank mobile banking app or visit an Access Bank branch for assistance.
