GhIPSS, banks embark on Direct Credit campaign

The Ghana Interbank Payment and Settlement Systems (GhIPSS), together with banks has embarked on public education to encourage more usage of Direct Credit. This is to ensure the public experience benefits associated with the electronic payment system.

Direct Credit is an electronic payment system similar to a standing order, whereby a customer instructs his/her banker to make recurring payments of a specified amount and on a specified date. However unlike the standing order, Direct Credit is done electronically and is quicker and safer.

Direct Credit is suitable for bulk payments such as salaries, insurance claims and payment of dividends; and individuals can also use it to pay for mortgages as well as items bought on hire purchase and other forms of interbank transfers.

Patronage of Direct Credit has been experiencing phenomenal growth since its introduction some 4 years ago. A number of companies are using it to pay salaries because the process is less cumbersome, while employees have quicker access to their salaries as it allows the employer’s bank to send the salaries to individual worker’s accounts directly.

Speaking in an interview, the Chief Executive Officer of GhIPSS, Archie Hesse, said companies whose employees are still experiencing delays in salaries hitting their accounts are missing out on the Direct Credit experience, and urged their management to turn to ACH Direct Credit -- which is a safe, secure, efficient and quicker way of making bulk payments. He also urged companies and individuals who make other forms of recurring payments to also opt for Direct Credit.

Mr. Hesse said GhIPSS and the banks will continue with the education to ensure that news about benefits of Direct Credit reaches every corner of the country.

He explained that Direct Credit also has express service that the public can opt for.