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ghpaylaunchThe Ghana Interbank Payment and Settlement Systems (GhIPSS) has collaborated with the Ghana Association of Banks (GAB) for the development and launch of a bank-wide mobile wallet christened GhanaPay. The move is an attempt by the GAB to extend financial inclusion to low KYC customers using existing familiar channel like the mobile wallet solution.

Speaking at the launch of GhanaPay, the CEO of GhIPSS, Mr. Archie Hesse indicated that GhIPSS’ collaboration with the GAB stems from the vision and mandate of the company. According to Mr. Hesse, GhIPSS’ role require that they collaborate with the financial services industry to provide interoperable payments solutions which will foster financial inclusion. A collaboration with the GAB, was therefore an opportunity for GhIPSS to collaborate on yet another interoperability project for the banking sector. He added that GhIPSS was excited about the partnership and will continue to collaborate with all financial service providers to migrate Ghana to the Cash-lite society it seeks to be.

Also speaking at the event was the Governor of the Central bank of Ghana, Dr. Ernest Addison. He said the launch of the GhanaPay will complement mobile money and banking services, Dr. Addison said GhanaPay is one of such innovations in the financial sector that seeks to address some of the challenges associated with the current bank centric models by providing an open application that leverages on network infrastructure of the entire banking industry. He encouraged the banking sector to collaborate and further explore more pioneering ways to attain greater efficiency in the payments ecosystem.

The Governor congratulated GhIPSS and the banking industry on the development of GhanaPay, According to him, it was a fervent hope that this collaborative spirit will be sustained and enhanced to move the country towards a successful migration to electronic payments and an efficient and effective payment system.
GhanaPay is a mobile money service provided by universal banks, rural banks and savings and loans. Like all existing mobile money services, GhanaPay allows all customers to perform both mobile money and banking services.

Source: GhIPSS

Mr Hesse newThe Chief Executive of Ghana Interbank Payment and Settlement System (GhIPSS), a subsidiary of the Bank of Ghana, Mr Archie Hesse has urged the public to use electronic payment channels to send and receive money. He said this was crucial following the frequent reports of robbery attacks.

The past week has recorded a number of daylight robbery attacks in which unspecified amounts of money were reported stolen from the victims. The victims are suspected to have been traced from banks and attacked midway.

Speaking in an interview, Mr Hesse explained that such robbery attacks could be easily avoided if people sent or received monies electronically.
Mr Hesse stated that several electronic payment services exist and regardless of the amount of money that people need to send or receive, there were various options that could be explored to make such payments without carrying physical cash.

"A major reason for introducing these electronic payment platforms is to avoid moving about with cash, so there is absolutely no excuse now to carry cash when you can send or receive that amount electronically."

GhIPSS, through financial institutions, FinTechs and telcos, has introduced many services to make and receive payments, including the transfers of funds across bank accounts within minutes such as the ACH Near Real-Time transfers and instant transfers via GhIPSS Instant Pay. It is also possible to transfer funds from bank account to mobile money wallets and vice versa, while payments can be made directly from bank accounts or mobile money wallets using cards, or GhQR.
Mr Hesse urged the public to use any of these services which were efficient, convenient and safe.

"If you can walk to the banking hall to withdraw huge sums of money, then it means you have a bank account from which you can transfer that amount, so why expose yourself to avoidable risks?"

Mr Hesse encouraged banks to educate their customer about the avoidable risk of carrying huge sums of money when those amounts can be transferred to single or multiple recipients.

Mr Hesse warned that robbery cases may increase from now to the festive season and urged the public to use the various electronic channels. The GhIPSS Boss said public education would be intensified to sensitize the public to embrace electronic payment as a way of life, adding that cash was no longer king as electronic payment is now the best option.

He said while the security agencies make the efforts to rid the streets of criminals, the public could complement the efforts by completely staying away from moving with huge sums of money unless there was police protection.

direct debit forumThe public will again have an opportunity to interact with bankers and know more about GhQR at the next Experience Fair that will take place at Baatsona Total enclave on the Spintex Road in Accra.

The fair being organised by Ghana Interbank Payment and Settlement System (GhIPSS) together with its partner institutions is to create awareness about GhQR and drive its usage.

The first in the series of the GhQR Experience Fair was held at the Junction mall on July 2 this year.
The fair has since been held at several other malls in Accra and will be held in other parts of the country in partnership with some major media houses.
Officials of various banks will join the team from GhIPSS at the Baatsona Total enclave on Friday and Saturday to educate the public as well as take shoppers through the process of paying with GhQR.

Chief Executive of GhIPSS Archie Hesse said the number of shopping outlets and service providers deploying the payment service is assuring and urged the public to use GhQR and see it as a very efficient way of making payment.

He said the campaign to drive patronage for the service as well as other digital payments will be sustained and urged the public to embrace the electronic payment lifestyle.

GhQR is an electronic payment channel that enables customers to scan displayed QR codes with their smartphones 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.

Paying with GhQR attracts no fee to the customer, easy to set up for merchants and also a quick and secure way to make payment.
The technology takes away the direct contact associated with cash transactions, which makes it safer to use during the Covid-19 pandemic.
A wide range of businesses including commercial transport operators, small shops, supermarkets, pharmacies, chop bars, restaurants as well as major service providers can all use QR codes to accept payments.

Globally, it is fast becoming one of the preferred forms of payment especially in Asia and is considered most suitable for small businesses because of the relative high cost of point of sales devices.

GhIPSS logoThe GhIPSS 2021 half year performance report has shown that the GhQR and other new electronic services have started making gains. These electronic channels, including GhQR, ACH Direct Credit Near Real Time, GIP Debit pull, and Proxy Pay introduced by Ghana Interbank Payment and Settlement Systems (GhIPSS) cumulatively recorded 358,000 transactions in the first half of the year, representing 0.51 percent of total transactions processed by GhIPSS.
 

In value terms, the transactions processed was GH¢3.2 billion, representing 2 per cent of total value of transactions processed by GhIPSS.

The new services add on to existing electronic payment channels as the country seeks to deepen the cashless agenda.
 
The half year report captures the performance of all services provided by GhIPSS between January and June this year compared to the same period last year.
 

According to the performance report, GhIPSS processed a total of 70.2 million transactions representing a growth of 142 percent compared to 2020 half year.
Total value processed was GH¢158 billion, representing a growth of 40 percent.

 
The report also shows that the public continues to prefer real time payments to other electronic payment channels. Total volume of real time transactions shot up by 254.6 percent from 16.3 million to 57.8 million, while total value of transactions jumped by 402.8 percent from GH¢3.8 billion in 2020 to GH¢19.5 billion in 2021.
 
The Chief Executive Officer of GhIPSS Archie Hesse explained in an interview that the positive performance of the services in the first half of this year can be attributed to the collective effort of all platform members to promote cashless transactions.
 
"This strategy is apt as customers are becoming more aware of the various cashless services and are beginning to incorporate them into their payment life styles,” he said. Mr. Hesse said GhIPSS was also undertaking various customer engagements to create awareness and promote usage of the various electronic payment services. He commended partner institutions comprising financial institutions, FinTechs and Telcos for the support and urged them to continue to position electronic payments as preferred payment lifestyle.
 
GhIPSS has been holding series of fairs at shopping malls to drive patronage for GhQR.
 

The institution is hopeful that such fairs and other awareness creation activities with the active involvement of partner institution will firmly place Ghana within the electronic payment society.

GhQR logoThe Ghana Interbank Payment and Settlement System (GhIPSS), a subsidiary of the Bank of Ghana, has begun a sustained campaign to create awareness and drive adoption of GhQR for payment.

The event is being held by GhIPSS with its partner banks and some Fintechs at major shopping centres across the country to popularize the payment service.

The use of GhQR to make payment attracts no charges and it is considered a game changer in the cash-lite agenda, as it is easier to set up, less expensive to manage and payments made on the GhQR platform hits the account of the merchant or receiver instantly.

Vice-President Mahamudu Bawumia launched the GhQR last year as part of efforts to promote the cashless agenda.

The one day GhQR campaign at the Accra Mall will see officials of the various banks, FinTechs and GhIPSS interact with public and educate them on how to use the service. Shoppers who pay using the platform at the mall could go away with some prizes.

The Chief Executive of GhIPSS, Archie Hesse urged business owners to contact their banks or mobile money service providers to set them up in order to receive payments via the GhQR platform.

He also encouraged the public to find time and be at the Accra Mall to experience paying with GhQR “Paying using GhQR is so quick and convenient, just pass by the mall, learn about it and try it and see how useful it” he added.

Mr. Hesse also explained that many customers will find the payment service most suitable once they get to know about it, adding that businesses which do not have it set up, may soon lose customers.

GhIPSS) together with partner institutions begun holding series of activities at the country’s major malls, to create awareness and adoption of GhQR for payments.

The first in the series was held last week Friday and Saturday at the Junction Mall in Nungua a suburb of Accra. The campaign will move to another shopping centre in the coming week.

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