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Business News of Thursday, 21 May 2020

Source: www.ghanaweb.com

Fee waiver for digital banking transactions extended to June 20

The Ghana Association of Bankers (GAB) and the Ghana Interbank Payment and Settlement Systems (GhIPSS) have agreed to suspend charges on digital banking platforms until June 20, 2020.

The waiver of fees, which took effect on March 23, 2020 was part of measures put in place to encourage customers to use digital payment alternatives or transactions and reduce contacts with banknotes to avoid the possible spread of the novel Coronavirus disease.

A statement released by the Ghana Association of Bankers said, “We, therefore, encourage all our customers to continue using our alternate digital banking platforms and visit physical branches of Banks only when it is absolutely important and necessary to do so.”

Initially, there were controversies between the two bodies on the resumption of fees on the GhIPSS Instant Pay (GIP), Mobile Money Interoperability (MMI) and ACH Direct Credit.

The disagreements in re-introducing scrapped charges on digital transactions occurred after GhIPPS directed financial institutions to end the fee waiver granted to customers who use these services.

“Following a review of financial position, we have decided we are unable to sustain the fee waiver regime any further and will re-instate all transaction fees with effect from May 23, 2020,” GhIPSS said.

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