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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

ghipps awardMr. Archie Hesse, the Chief Executive Officer (CEO) of the Ghana Interbank Payment and Settlement Systems (GhIPSS), was adjudged the Man of the Year- Technology, at the 4th EMY awards held over the weekend. The award was in recognition of his contribution to Ghana's payment system industry.

The EMY Africa Awards is an annual event that celebrates personalities who have contributed their quota to change progress and continue to be symbols of stability and role models in the community. Since 2016, EMY Africa has celebrated the best in men's achievements across the local industry, community, culture and public service.

Mr Hesse joins the dozens of men and personalities from all ages and walks of life that have been honoured for their abilities, initiatives, and contributions to society.

Mr Hesse started at GhIPSS as General Manager in charge of Project and Business Development at its formative stages. He later became CEO after succeeding Rev Fred France, the first CEO of GhIPSS.

Mr Hesse has worked with passion, dedication and superintended various initiatives that have led to the rollout of many electronic payment channels and corresponding deepening of financial inclusion in Ghana.

Commenting on the awards, Mr. Hesse said he was humbled by the recognition given him and would continue work passionately to ensure the advancement of the country's payment system. He dedicated the awards to the staff of GhIPSS and institutions that partnered it in the performance of its functions.

GhIPSS, a wholly owned subsidiary of the Bank of Ghana, since 2007, has rolled out a number of electronic payment channels.

They include e-zwich, electronic clearing of cheques, Automated Clearing House –Direct Credit and Direct Debit. The rest are gh-link, GhIPSS Instant Pay with the latest being Mobile Money Interoperability.

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