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GhIPSS backs Selewa cashless market initiative The Ghana Interbank Payment and Settlement System (GhIPSS) has commended organisers of Ghana’s premier pop-up market, christened Selewa Market, for creating a platform for shoppers to use electronic forms of payment at the fair.
The fair created over the past 3 years, has provided an avenue for businesses both SMEs and corporate organizations to converge at one venue to sell and promote their products and services.

However, in line with changing trends and in support of government’s cash-lite agenda, the organisers of the fair, Melon Concepts is creating a special opportunity for patrons of the Selewa Market this weekend, to shop and pay using various electronic payment options such as electronic cards and mobile money. According to the organisers, shoppers who use electronic means of payments will enjoy a discount on the purchase. In addition to that, they qualify to participate in a lucky dip with mouth watery prizes at the fair, slated for March, 3 and 4 at Golden Tulip hotel, in Accra.

Commenting on the initiative, the Chief Executive of GhIPSS, Archie Hesse said it was laudable and could go a long way to inculcate in shoppers, the habit of using non-cash forms of payment. He said GhIPSS was supporting the initiative by partnering financial institutions, to ensure that the exhibitors have Point of Sales and other devices that will enable them to accept electronic payments. He said officials of GhiPSS will also be at the two-day event to educate patrons on the need to use more of electronic payment channels.

GhIPSS has the mandate of migrating Ghana into an electronic payment society and has over the years, worked with financial institutions to introduce various electronic payment channels that have seen impressive growth in patronage. Over 200 billion Ghana cedis worth of electronic payment transactions took place in 2017 through GhIPSS, indicating a gradual reduction in cash transactions.

GhIPSS has recently introduced the e-bills pay which enables large organisations to receive money transferred to them instantly through electronic means. There is also the GhIPSS Instant Pay (GIP) which allows individuals to send money and the recipient will receive it instantly. The GIP recorded a massive growth in patronage in 2017 from 19 thousand Ghana cedis in 2016 to over 83 million Ghana cedis.

GhIPSS sees the Selewa Market has an opportune platform to further engage the public on the convenience, expediency and other advantages of electronic payments over cash.

Source: GhIPSS

Gov’t reschedules mobile money interoperability to MayGovernment has disclosed that it will roll out the mobile money interoperability system in May this year – 2018.
This latest date comes after missing about three initial timelines for the implementation of the policy.

The mobile money interoperability is to allow consumers transfer money across all mobile networks without any restrictions.

This is also in fulfillment of driving a cash lite economy in Ghana.
The Vice President, Dr. Mahamudu Bawumia is confident the policy will help attract more investments and enhance financial inclusion in the country.

“There is a lot of work that has been done and I am happy to say that all things being equal, in May which is in a couple of months’ time, we expect to launch Ghana’s interoperable system. It is really going to be the vehicle for true interoperability as well as financial inclusion.”

“This means that all the mobile companies and all the bank accounts will be interoperable and so we are providing this vehicle for financial inclusion and it will help us also move towards a cashless society,” the Vice President added.
The Ghana Interbank and Settlement Systems (GhIPSS) has since been mandated to provide the interoperability platform for the players in the ecosystem.

The contract to GhIPSS came after a botched agreement with Sibton Switch which had earlier agreed to offer the service for some 4.6 billion cedis.

The Vice President for the first time gave the GhIPSS a November 2017 deadline.

This was extended to January 2018.
Subsequently, the CEO of GhIPSS, Archie Hesse admitted to completing all the necessary processes to allow for a takeoff by February 2018.

Dr. Bawumia was speaking at the opening ceremony for the Norway-Ghana Business Forum.
The meeting with some potential investors from Norway also outlined additional plans to attract investors into the country into critical sectors like the oil and gas, agriculture as well as mining industry.

SOURCE: citifmonline.com

bawumiaVice President Dr Mahamadu Bawumia yesterday launched the Mobile Money Payment Interoperability in Accra, paving the way for customers to transfer money from one mobile network to another seamlessly.

They can also transfer money from their mobile money accounts with MTN, Airtel-Tigo or Vodafone to their bank accounts and vice versa.

“This will make Ghana one of the global leaders in the interoperability payments space,” an elated Dr Bawumia, who has been championing interoperability since last year, stated.

“It is a historic day for Ghana. We thank God for this day…This singular achievement reinforces President Nana Addo Dankwa Akufo-Addo’s belief that with the right conditions and leadership, there is nothing we cannot achieve as a people.”

The launch of mobile money payment interoperability system is expected to largely tackle the difficulties associated with traditional banking services, such as high costs associated with maintaining a bank account relative to customers’ income levels, the need to have basic record-keeping abilities in order to operate bank accounts and the sheer intimidating nature of banking halls.

Phase Two of the project will complete the Financial Inclusion Triangle by allowing the transfer of monies between telcos, banks and e-Zwich accounts seamlessly.

Upon completion of phase two, customers would be able to move monies from bank accounts to their mobile money accounts.

The eZwich integration is ongoing, and the Central Bank has instructed all banks to complete the integration to allow customers to transfer monies from bank accounts to their mobile money accounts by July 15, this year.

The Vice President challenged financial institutions, telecommunication companies and the financial technologists to find innovative ways of turning mobile phones and the mobile money platform into vehicles of economic emancipation for many players in the huge informal sector.

He also challenged the stakeholders to extend the mobile money interoperability beyond the shores of Ghana.

Dr Bawumia also noted that government would continue to work to ensure a cash-lite economy to help promote efficiency, as well as save a lot of money spent on maintaining notes in Ghana.

“Our next focus is to venture into the cross-border arena so that there will be an effective and efficient payment system to support sub-regional and indeed intra African trade. I know there are smart ICT firms and people in Ghana, and I know you can do it.”

Present at the ceremony were Governor of the Bank of Ghana and his two deputies, all deputy Ministers of Communications, Chief Executive of Ghana Interbank Payment and Settlement Systems (GhIPSS), Chief Executives Officer (CEOs) of telecommunication companies and financial technology companies, among others.

SOURCE: ghanaweb 

 

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