Sooner than later, banks and other financial institutions will begin the compulsory ID policy. The rising cases of fraudulent activities within the financial space has necessitated this development. This is just to ensure the security and safety of both the banks and their customers or depositors. And this is nothing so new. Since financial matters cannot be taken lightly, all possible measures needed to be put in place to protect depositors' investments. This obviously is a step in the right direction. It will boost the confidence of customers and also reduce acts of impersonators. However, it is also very important for the banks the recognize these few issues regarding the policy.
First of all, there should be public education on the policy before it fully takes effect. What the banks can do in the situation could be to notify their customers about the specific ID cards that will be acceptable in their transactions. This will get customers well informed about the policy. Just as the banks give alerts their customers on their banks transactions, same can be done. After the education and notification to customers, at least a grace period should be given. This is necessary because, as humans it may take some time for people to become fully used to the system.
This may only be necessary at the counter. Usually, customers are required to present these cards in order to ascertain and verify their identities. The most acceptable IDs are usually the ones with photographs on them. Among them are the voter ID card, Passport, Driver's License and the Ghana card. The strict enforcement of this directive is necessary because of the rampant fraudulent activities by criminals. In the case of ATM, this may not be so necessary because, the ATM cards are also identification cards which have unique passwords of individuals who hold them.
The public should therefore cooperate with the banks for a smooth implementation of the policy.
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