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The use of GhQR is expected to experience significant growth as the number of institutions gone live with it increases to 15. It comprises 11 financial institutions and 4 payment service providers.

GhQR was launched last year to add up to existing electronic payment channels, as part of the larger cash-lite agenda. The payment service enables customers to scan displayed QR codes with their smart phones and pay, or dial displayed USSD codes with their phones to make payment. Ghana’s QR code for payment is universal which means that any customer whose bank or payment service provider offers the service can use it wherever it is displaced.

The four payment service providers currently offering GhQR are Vodafone Cash, AirtelTigo Money, Hubtel and GCB’s G-Money, while the financial institutions offering the service are Ecobank Ghana, GCB Bank, Absa Bank, Access Bank and Cal Bank. The others are Agriculture Development Bank, Consolidated Bank Ghana, and Fidelity Bank. The rest are Zenith Bank, Guaranty Trust Bank, and United Bank for Africa (UBA). Various other institutions are close to completing the process to also go live.

All the 15 institutions have the service available on the USSD or short codes while 7 of them have the service also available on mobile apps.
Chief Executive of Ghana Interbank Payment and Settlement Systems (GhIPSS), Archie Hesse commended the institutions that have gone live with the service and was hopeful that the remaining players in the industry will quicken their processes to enable their customers to also enjoy the service. Mr. Hesse added that the fact that GhQR is non-contact form of payment makes it very ideal in the era of the Corona virus pandemic, as it ensures that both customers and merchants observe physical distancing.

GhIPSS together with its partner institutions are embarking on massive public education to create awareness and drive patronage for the service. Mr. Hesse said the campaign will continue and urged the public to patronize the GhQR payment service.

The use of QR code for payment is enjoying global appeal. There are several benefits associated with QR code for payment. The most cited is the simplicity of the payment process. “Anybody that has ever used a phone should be able to use QR code with ease, and after scanning or dialling the code, one can see the details of the transaction to be certain that they tally with how much is to be paid and who is being paid, before tapping to pay”, Mr. Hesse explained. He added that this feature gives customers a lot of confidence knowing that the right transaction has been effected.

The public can now pay for goods and services through the universal Gh QR code, as some six banks have started deployment. The banks are Ecobank, GCB Bank, Zenith Bank, Bank of Africa, Fidelity Bank and Agriculture Development Bank. The remaining banks are still in the process to enable them begin the rollout.

The GhQR code service was in March this year. The service adds on to the plethora of electronic payment solutions that the Ghana Interbank Payment and Settlement Systems (GhIPSS) has rolled out over the years.

With the QR code, customers only need to scan the codes displayed at various shops and other outlets with their smart phones to make payment. Those who do not have smart phones can pay with their feature phones by dialling a code that will also be displayed at the merchant's location. QR code is cheap and easy to set up. It is also a quick and secure way to make payment. It takes away the direct contact associated with cash transactions, which makes it safer to use during the Covid-19 pandemic.

Ecobank had earlier deplored QR codes but could only be used by their customers. However with the introduction of the Gh QR code, Ecobank has converted most of their existing QR codes of clients, to make them acceptable to all customers regardless of their banks. The other five banks have begun deploying their Gh QR codes at various outlets.

Chief Executive of GhIPSS Mr. Archie Hesse commended the banks that have started deployment and encouraged businesses to liaise with banks to have the Gh QR code installed to increase their payment options to customers. Mr. Hesse also challenged the remaining banks to quicken up the processes, as they risk losing their clients to other banks.

The QR code for payment is simple to set up as it only involves generating unique QR codes which can be a mere sticker posted on the wall of the shops or on a small stand. “Once you find the QR Code displayed, you just have to scan and you pay or dial the USSD code and pay, it is that convenient. Gh QR is universal so anyone can use any of them, regardless of your bank”, Mr. Hesse stressed.

A wide range of businesses including taxi drivers, small shops, super markets, pharmacies, chop bars, restaurants as well as major service providers can all use QR codes to accept payments, the GhIPSS Boss noted.

Ghana’s payment system has been modernised with the introduction of many electronic payment solutions that have made payment a lot more convenient, secure and faster. The addition of the Gh QR code has increased the choice that customers have to pay for goods and services. This will eliminate the several instances where businesses lose out, because the customer has run out of cash.

Currently customers can pay from either their bank account or mobile money wallet through different channels such as MoMo pay, POS and now Gh QR code among others.

More merchants are being set up to offer GhQR as Ghana Interbank Payment and Settlement Systems (GhIPSS) and its partners step up public awareness about the payment service.

According to the latest figures, about 41,700 merchants offer GhQR, with most of the merchants located in Accra and lesser number in Kumasi. Of this figure over 17,000 were set up between January 2021 and now. This indicates that more merchants are being set up this year than in the previous year.

GhQR is an electronic payment channel that enables customers to scan displayed QR codes with their smart phones and pay, or dial displayed USSD codes with their phones to make payment. Ghana’s QR code for payment is universal which means that any customer whose bank or payment service provider offers the service can use it wherever it is displayed.

Many institutions including banks and payment service providers have gone life and enabling their customers to make payment via the GhQR. All the institutions have the service available on the USSD or short codes while about half of them have the service also available on mobile apps. With all the big banks, and most telcos providing GhQR for their customers, the focus of GhIPSS and its partners is to increase the number of merchant locations that get set up to offer the service.

Chief Executive of GhIPSS, Mr. Archie Hesse noted that the fact that over 40 percent of the merchants offering GhQR were set up in less than three months of this year, is very encouraging. He said GhIPSS will continue to work with financial institutions and payment service providers to ensure more merchants offer the service.

Mr. Hesse praised GhQR as a very convenient way of making and receiving payments and urged merchants to contact their banks to help them set up. He said the public education will also be intensified in other regions of the country.

The GhIPSS CEO added that a lot of efforts will also be directed at encouraging the general public to patronize the service and reduce the use of cash.
GhQR is easy and far less expensive to set up and run, making it very suitable for many small businesses including shops, pharmacies, commercial transport operators, restaurants, fashion and fashion accessory providers among others.

Many people including President Akufo-Addo have suggested strongly that GhQR could enable Ghana to be among the first African countries to go cashless.

The Ghana Interbank Payments and Settlement Systems (GhIPSS), a subsidiary of the Bank of Ghana, has introduced a Near Real Time (NRT) Automated Clearing House (ACH) Direct Credit platform that allows Corporate Institutions to make bulk payments much faster.

The service, being rendered in collaboration with the banks, is designed to enhance the efficiency of making bulk payments such as salaries, pensions and dividends within just 15 minutes, instead of the previous four to 24 hours.

A statement from GhIPSS said the platform provided corporate Institutions a viable alternative to Cheques and allowed them to credit the accounts of beneficiaries on a bulk payments list within 15 minutes. NRT is an addition to GhIPSS’ existing ACH Direct Credit platform.

This means, under this new ACH DC NRT regime, it will take 15 minutes for money sent from one source account to multiple accounts in different banks to be credited to the receivers’ accounts instead of the previous 24 hours.

“Corporate institutions have the opportunity to make bulk payments anytime between 6:00pm the previous day and 3:00pm the following day and the payees’ accounts will be credited in 15 minutes – almost in real time,” it explained.

GhIPSS said NRT is an efficient payment option, which provided transparency and certainty of payments because it allowed banks of corporate institutions to re-present returned payment details within the same session.

“Corporate institutions can correct all payment errors for re-presentment without fear of missing payment timelines,” it explained adding that the system also allowed for deadline payments to be met quickly.

“ACH DC NRT can be accessed by organisations through their banks as well as savings and loans companies for the payments of salaries, allowances, pensions, welfare benefits, suppliers and all other bulk payment types.”

The statement quoted GhIPSS CEO, Archie Hesse as saying, “Direct Credit NRT is a major addition to the plethora of electronic payment solutions, which will be extremely useful to businesses and other organizations.”

He encouraged organisations seeking to make faster bulk payments, to use the NRT to ensure that intended recipients received the money almost immediately.

ACH DC is a secure and reliable bulk payments service, which allows corporate institutions to make single or batched payments by electronically transferring funds directly into different bank accounts across different banks within Ghana.

It comes in three forms – Standard ACH DC, Express ACH DC and now the newly introduced ACH DC NRT.

Standard ACH DC allows businesses to make bulk payments to different beneficiary accounts across different banks and recipients’ accounts are credited within 24 hours after payment lists have been submitted to the paying corporate institution’s bank.

However, Express ACH DC allows that same process within four hours, while the now ACH NRT has reduced the time to 15 minutes.