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Business News of Thursday, 26 March 2020


GhIPSS waives interbank and cross wallet transfer charges

Archie Hesse, GhIPSS CEO Archie Hesse, GhIPSS CEO

The Ghana Interbank Payment and Settlement Systems (GhIPSS), a wholly-owned subsidiary of the Bank of Ghana, has announced a waiver of fees on electronic services.

In a press statement issued in Accra, it said all commercial banks, Fintechs and Mobile Money (MoMo) operators, leveraging the various platforms to offer electronic payment services were not going to incur any service charges.

This took effect from yesterday – Monday, March 23, and the waiver is regardless of the volume and value of transaction. Mobile Money Interoperability (MMI) and all cross wallet transactions on the platform, it said, would not attract any fees, likewise the GhIPSS Instant Pay (GIP), Banks and Fintechs offering Instant Pay services.

This, it added, applied to banks leveraging the ACH-Direct Credit platform for bulk payments such as salaries on behalf of corporate institutions.

The GhIPSS expressed confidence that the fee waiver would contribute to efforts at promoting and encouraging the use of digital payment options to limit the possible spread of the flu-like COVID-19 through contacts with cash in physical form.

It, therefore, urged the partner banks, Fintechs and MoMo service providers to make the services available to customers on their various digital and mobile payment platforms – the mobile app, Internet banking and USSD.

The GhIPSS also appealed to the public to turn to these and other electronic payment options and avoid the use of physical cash as much as practicable.

It said the Ghana Quick Response (GhQR) and Proxy Pay services, which would be launched on March 25, would also provide additional channels for the public to transact business electronically. GhIPSS reminded the people to observe personal hygiene and social distancing in order to curb the spread of the COVID-19.