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The Ghana Interbank Payment and Settlement Systems (GhIPSS) is seeking to reduce the turnaround time for payment of goods and services with the introduction of an E-bills payment service.

The service is among others expected to reduce the use of cash as government works to attain a cashless economy.

The CEO of GhIPSS, Archie Hesse explains that the e-bills payment service will enable billers (manufactures, Utility Service Providers etc) receive payments for goods and services using the Instant pay service.

The E-bills connects the payment platform for a specific merchant with GhIPSS instant pay which allows Instant interbank transactions.

“So if the distributors for a cement factory for example wants to make payment to a manufacturer, they could go unto their banks internet portal or app, select e-bills pay, complete the transaction process, and manufacturers account will be credited instantly. Currently you would have to go to designated banks to pay. But what the e-bills service offer is an opportunity to pay any biller directly from your account without any physical movement of cash” he told Citi Business News.


Already, the Ghana Community Network Services Limited (GCNet) and the Government Integrated Financial Management Information System (GIFMIS) have advanced plans to hook unto the platform.

The two institutions are seeking to reduce the turnaround time for payments and prevent revenue leakages.

Mr. Hesse tells Citi Business News his outfit is working closely with the institution.

“We just started and two main government institutions (GCNet and GIFMIS) have come to see us that they want to link their payment systems with instant pay. In so doing with GCNet for example, once you get the order number and complete the online payment process, you do not need to go to the Port; GCNet will debit the clients account and credit that of the port.”

Total GhIPSS transactions hit GH¢208bn

In 2017, the volume of total transactions processed on all GhIPSS platforms reached 25 million.

This translated into a value of 208 billion cedis; up from the 174 billion cedis recorded in the preceding year.

Of this, transactions on the clearing house which involves express cheques and direct credit among banks, recorded the highest increase of 204 billion cedis.

Meanwhile, payment via e-zwich by government agencies, foreign donors and some private institutions remain key drivers of growth for e-zwich transactions.

Source: Citifmonline.com

 

GhanaPay Mobile Money service was introduced in June 2022 by the Ghana Association of Banks in collaboration with GhIPSS. This collaboration means that customers can register for GhanaPay Mobile Money and decide which financial institution they wish to own a wallet with.

Essentially, GhanaPay Mobile Money gives customers the opportunity to have a direct relationship with a bank as mobile money users. Anyone with access to a mobile phone in Ghana can register for a GhanaPay mobile money wallet, with or without a bank account.

The service has expanded its offerings to include a sponsored wallet service, allowing users to share funds with friends and family, and standing instructions, enabling users to automate recurring payments such as subscription renewals, among other financial services

As digital payments gain ground, security concerns have become a major priority with the rise in mobile money usage, fraudsters are constantly evolving new tactics to exploit vulnerabilities in digital financial services. However, GhanaPay has incorporated comprehensive security features that ensure its users’ transactions remain safe from unauthorized access and fraud.

Operating under the regulatory oversight of the Bank of Ghana, GhanaPay adheres to the highest financial security standards, providing a platform that Ghanaians can trust for their digital transactions. With a focus on user protection, GhanaPay guarantees peace of mind through its multi-layered security approach.

Key Security Features of GhanaPay Mobile money
GhanaPay mobile money operates under the strict supervision of the Bank of Ghana, ensuring that it meets the necessary financial security standards required to protect users.

Also, every transaction on GhanaPay mobile money requires a secure PIN or biometric authentication, reducing the risk of unauthorized access and potential fraud and also employs end-to-end encryption for all user transactions, ensuring that personal and financial data remains secure and cannot be intercepted by malicious actors.

The platform actively monitors user transactions for any unusual or suspicious activity. If something out of the ordinary is detected, GhanaPay sends immediate alerts to users, enabling swift action to prevent fraud and uses secured protocols to integrate with users’ bank accounts, ensuring that funds are transferred securely without compromising sensitive financial data.

GhanaPay Users can set personalized transaction limits, which helps minimize financial exposure in the event of account compromise. GhanaPay implements strict Know Your Customer (KYC) processes to verify user identity and prevent fraudulent account creation, further protecting the integrity of the platform.

While GhanaPay offers strong security features, stakeholders must play an active role in ensuring the safety of digital financial services. Banks and other financial institutions can further complement GhanaPay’s efforts by strengthening their own security measures, educating customers about digital safety, and working with GhIPSS to continuously improve fraud prevention strategies.

Cost-Effective Services for All
In addition to robust security, GhanaPay’s commitment to affordability sets it apart. Unlike other mobile money services that impose transaction fees, GhanaPay offers its services at no extra cost apart from the government-mandated e-levy.

This makes it an attractive option for individuals and businesses that frequently conduct mobile money transactions. GhanaPay is not just about sending and receiving money. The platform offers a broad range of services, including bill payments, merchant payments, and secure transfers to bank accounts all at no additional cost to the customer. This comprehensive suite of services makes GhanaPay a versatile and convenient solution for users looking to manage their financial transactions on a single platform.

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