Ghana’s continuing efforts to extend the frontiers of a cash-lite society, chalked another milestone with the launch of two important payment services, August 19, by the Ghana Interbank Payment and Settlement Services (GhIPSS).
The GhIPPS Instant Pay is designed to facilitate the instant transfer of funds from one bank account to another, among different banks, without customers visiting their banking halls.
The second service, gh-link e-Commerce, is a platform for local businesses in commerce, as well as, the services industry to receive payments online.
Dr Henry Wampah, Governor of the Bank of Ghana, which wholly owns the GhIPPS, noted that the significance of the two innovative services is opportunity they present for instant cash transfers and cash receipt, thereby, minimising transaction costs.
Currently, interbank transfers and direct debits are completed only after 24 hours and, in some instances, after 48 hours.
Dr Wampah observed that this will lead to an era when; “banking halls will be significantly empty” and he encouraged all banks to quickly get on board since any delay may cost them in loss of clients to banks that provide the services.
Stakeholders at the launch, including online retailers and the Ghana Association of Bankers (GAB) among others, expressed optimism about the services providing a boost to Ghana’s burgeoning e-commerce industry.
Despite the e-industry having registered tremendous growth in recent years, the payment system has been rather sluggish in catching up, never mind the latest roll out of mobile money transfer services by mobile network operators, who, according to Dr Wampah; “are also significantly helping in pushing the frontiers of the cash-lite society.”
Mr Archie Hesse, CEO of GhIPSS, noted that the gh-link e-Commerce, because it enables “domestic ATMs to be accepted for payment online, a major void has been filled,” which, therefore, should spur potential e-commerce companies to start re-aligning their business strategy for the future.
By Emmanuel Kwablah