The volume of transactions done electronically through the Ghana Interbank Payment and Settlement Systems (GhIPSS) platform has increased by 81 percent in the first quarter of this year compared to the same period last year.

This is according to latest figures from the Ghana Interbank Payment and Settlement Systems (GhIPSS).

The latest figure shows that the total volume of transactions spanning January to March 2020, stood at over 13 million cedis compared to about 7.2 million transactions in the same period of 2019.

A statement released by the Chief Executive of Ghana Interbank Payment and Settlement Systems (GhIPSS), Archie Hesse, described the growth as a very important indication of how people are gradually embracing electronic payments.

“The transactions captured in the GhIPSS product performance report include electronic clearing of cheques, Automated Clearing House (ACH), e-zwich and gh-link. The rest are GhIPSS Instant Pay and Mobile Money Interoperability,” he said.

“While the total volume of all the transactions put together went up by 81 percent, specific channels such as GhIPSS Instant Pay saw a huge growth of almost 700 percent while Mobile Money Interoperability grew by over 350 percent, in the first quarter,” he added.

The service was introduced in May, 2018, recording about 100,000 transactions in its first few weeks.

With the introduction of electronic payments in the country, customers are now able to make transactions or pay for goods and services through an electronic medium, without the use of cheques or cash.

This eliminates the hitherto complexities and inconveniences associated with transfers across the various networks in the country.

The electronic payment system has also been seen as a significant vehicle to deepen financial inclusion to promote cashless transaction in Ghana.

It will also serve as a viable vehicle for financial intermediation; as businesses and individuals can use money digitally.

The GhIPSS

Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) is a wholly-owned subsidiary of the Bank of Ghana. It was incorporated in May 2007 with a mandate to implement and manage interoperable payment system infrastructures for banks and non-bank financial institutions in Ghana.

In line with its mandate, GhIPSS has implemented and currently manages the following: National Switch & Biometric Smart Card Payment System- e-zwich, Cheque Codeline Clearing (CCC) System, Ghana Automated Clearing House (GACH) systems- Direct Credit & Direct Debit and the National Switching and Processing System- gh-link.

GhIPSS is committed to maintaining very high standards of excellence, reliability, integrity, and timeliness for all its infrastructure. These standards have enabled GhIPSS to attain ISO27001 certification. GhIPSS´ payment infrastructure is currently used by all banks in Ghana including the ARB Apex Bank and its affiliates, Savings and Loans Companies and third Party Payment Providers.

Source: Citibusinessnews.com