The money transfer market and the electronic payment system is expected to receive a major boost with the deployment of a new retail payment systems infrastructure that will soon be rolled out.

The new technology, the first of its kind in Africa but functional in US, UK, Asia is managed by Sibton Switch Systems Limited (SSSL); a wholly owned Ghanaian company that has been licensed by the Bank of Ghana.

The new system has the ability of a computer system to run application programs from different vendors and to interact with other computers across local or wide-area networks regardless of their physical architecture and operating systems.

A statement issued by the company says the new payment infrastructure will be operated by SSSL for banks and non-bank financial institutions in Ghana.

"SSSL will initially be required to provide this service to the mobile money markets by helping them to be more convenient, secure and swift.  It will also enhance the use of a mobile phone to transfer funds between banks or accounts, deposit or withdraw funds or pay bills," statement said.

According to the spokesperson of SSSL, Keiko Watanabe “the company has been working and readying itself to begin the Systems platform interoperability together with our partners at Sibton Communications here in Ghana and even more importantly with our valued global clients like those in East Africa, Middle East, Europe and other parts of the world where there has been success stories.”

"We are also looking into the broader realm of electronic commerce; thus the use of a mobile device to purchase items, whether physical or electronic, at least locally to begin in Ghana, but we are always thinking global here, always.” Ms. Watanabe says.

The new technology is promising a secure, cheaper and more grass root participation.

"The new services would also help improve fraud management. The detection and prevention of transaction fraud in a payment would be best managed centrally and per the laws of Ghana governing the financial sector," the statement said.