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Business News of Monday, 23 March 2020


GhIPSS suspends fees on interbank and cross wallet transactions

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The Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS) has waived off charges on electronic payments services used by its partner financial service providers.

This initiative is in collaboration with banks, fintechs and mobile money operators across the country.

According to GhIPSS, the suspension of charges is in line with the measures outlined by the Central bank of Ghana to contain the impact of Coronavirus pandemic on the Ghanaian economy.

“This waiver is regardless of the volume and value of transactions, until further notice,” GhIPSS said.

A statement released by GhIPSS and copied to GhanaWeb said, from Monday, March 23, 2020, all banks, fintech and mobile money operators, leveraging the following platforms to offer electronic payment services to the general public shall not incur any service charges:

a. Mobile Money Interoperability (MMI): All cross wallet transactions on the mobile money interoperability platform shall not attract any fee from GhIPSS.

b. GhIPSS Instant Pay (GIP): Banks & Fintechs offering Instant Pay services to their respective customers shall also not pay any service charge to GhIPSS.

c. ACH - Direct Credit: Banks leveraging the ACH Direct Credit platform for bulk payments such as salaries; on behalf of their corporate Institutions shall also not incur any service charge from GhIPSS

“GhIPSS is optimistic the fee waiver will contribute to efforts by its partners to promote and encourage the use of digital payment options to limit the possible spread of the COVID-19 Virus through physical cash,” GhIPSS said in the statement.

Below is the full statement

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