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The GhIPSS Instant Pay (GIP) has recorded a massive increase in patronage in the first half of this year compared to the same period last year. The GIP is an electronic payment system that enables a customer to transfer money from one bank account to another of a different bank and the transfer is effected instantly.

According to a half year summary performance of GhIPSS product report, the volume of GIP transactions moved from 7,181 in the first half of 2017 to 53,201 in the first half of this year, up by a whopping 698 per cent.

The value of transaction equally shot up impressively from GH¢16.5 million to GH¢150.2 million, representing a jump of over 812 per cent.
The huge jump in volume and value of GIP transactions has been attributed to increased number of institutions offering services based GIP, following consistent public education on the product.

At the end of the first half of this year, 31 banks and 6 third party institutions had successfully integrated with the GIP platform.

Mr. Archie Hesse, Chief Executive Officer of Ghana Interbank Payment and Settlement Systems (GhIPSS), said in an interview that GhIPSS expected GIP patronage to keep going up as more banks and Fintechs integrate with the platform.

He also anticipated that banks and Fintechs will come up with more innovative services to run on the GIP platform, which he said would further increase patronage for the service. The GIP and mobile money interoperability are two electronic payment products that experts anticipate will significantly deepen financial inclusion in Ghana.

Mr. Hesse explained that because the GIP was instant and real time transfer, “it was as good as cash but even more secured”. He urged the public to continue using the GIP anytime they need to quickly move funds, since it was safer and more efficient compared to cash.

The public is able to use the GIP through the various channels including internet banking portals and mobile applications offered by banks and Fintechs. Some banks have even used the GIP platform to transfer remittances directly into the bank account of recipients, saving the customers the trouble of queuing up to receives their funds over the counter.

Fintechs have seen the power of GIP and cashing in strongly by riding on it to offer several services to their clientele.

Source: GNA

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

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