GhIPSS

News & Events

10 billion Ghana cedis of interbank transfers through ACH Direct Credit in 2015
10 billion Ghana cedis of interbank transfers through ACH Direct Credit in 2015
Source: BFT Date: November 2015 Tag: News

About 10.3 billion cedis worth of interbank payments were done through ACH Direct Credit from January to October this year, according to data from the Ghana Interbank Payment and Settlement Systems (GhIPSS).

This represents about 34.7 percent increase over 7.6 billion Ghana cedis recorded over the same period last year, indicating a significant and consistent growth in the use of ACH Direct Credit. The value of transactions done in its first year of introduction was 1.2 billion Ghana cedis, moving up to 3.5 billion, a year later in the whole of 2012 and 5.8 billion by the end of 2013.

ACH Direct Credit is an electronic payment system used for interbank transfers. It was introduced some 4 years ago by Ghana Interbank Payment and Settlement Systems, a subsidiary of the Bank of Ghana, as part of efforts to align Ghana´s payment system to global trends.

ACH Direct Credit also has an express service, which allows bank customer to have same day value for their interbank transfers. The Express service which was introduced later, also continue to witness growth in its patronage. About 1.2 billion cedis worth of transactions were done through the express window from January to October this year compared to 797 million Ghana cedis recorded for the same period last year.

The persistent growth in the patronage of ACH Direct Credit has been attributed to the benefits that customers derive from using the electronic payment system. It is a faster, secured and more convenient form of making interbank payments especially for bulk payments going to different recipients such as salaries, pensions and dividends. It is also used for every day interbank payments by individuals as well as insurance claim payments, servicing of mortgages and other recurring payments.

Patronage for ACH Direct Credit is projected to increase further in the coming months following an aggressive publicity campaign undertaken by GhIPSS together with the banks. Officials of GhIPSS are hopeful more people will opt for the payment system. They urged customers to request for ACH payment options from their bankers to enjoy the benefits that come with it. ACH has become the preferred payment option in most advanced economies and it is anticipated that the situation would be the same in Ghana in the near future.

  • Current News & Events
    • new
      Value of GhIPSS transactions hits GH¢ 174.5bn
      The Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS) has witnessed consistent growth in the value.... read more»
    • new
      E-zwich patronage grew by 140% in 2016
      The use of the biometric smart card, e-zwich, experienced exponential growth last year after series of mechanisms... read more»
    • new
      Foreign remittance to bank accounts and e-zwich cards now a reality in Ghana
      Recipients of foreign remittance can now opt to have the money paid directly to their bank account.... read more»
    • new
      Six government programmes use e-zwich for transparency
      Some six government social interventions and programmes have since June adopted e-zwich.... read more»
    • new
      GhIPSS to work with stakeholders to ensure telcos interoperability
      The Chief Executive Officer of Ghana Interbank Payment and Settlement System (GhIPSS) ... read more»
    • new
      GOVERNMENT CALLS FOR INTEROPERABILITY BETWEEN BANKS, TELCOS
      Government has called for a collaboration among financial stakeholders ... read more»
    • new
      Gender Ministry to disburse LEAP funds via e-zwich
      The Ministry of Gender, Children and Social Protection is expected to disburse January... read more»
    • new
      GhIPSS provides multiple outlets for e-zwich users
      Regular users of e-zwich cards, including National Services persons, students and beneficiaries of various government social ... read more»

    Top