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Business News of Tuesday, 24 March 2020


Ghana Association of Bankers donates GH¢10 million towards coronavirus fight

Mr. Daniel Ato Kwamina Mensah, Chief Executive of GAB Mr. Daniel Ato Kwamina Mensah, Chief Executive of GAB

Ghana Association of Bankers (GAB) says that it is donating an amount of GH¢10 million to government, as part of efforts to acknowledge the importance of the financial services sector to the economy in the wake of the novel Coronavirus.

The donation is expected to go towards the purchase of critical equipment for managing the Coronavirus pandemic and for the purposes of public education.

According to a statement issued by the association and sighted by GhanaWeb, it noted that; “The donation is expected to also ensure the sustainability of the industry and the economy during such a difficult time of the outbreak.”

“To encourage the increased use of digital channels, the Ghana Association of Bankers shall for the period of the COVID-19 pandemic waive off Internet banking charges, charges on the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) Instant Pay (GIP), Mobile Money Interoperability which is applicable to only transfers from GHS100 and below excluding cash-out, and ACH Direct Credit,” the statement said.

Chief Executive of GAB, Mr. Daniel Ato Kwamina Mensah on his part noted; “To facilitate interoperability within the financial sector, member banks will work with Mobile Money service providers during the period of this crisis to put in place measures in the interest of the general public,”

Consequently, all financial institutions are expected to make sure cash would be regularly sanitized to safeguard public health and current overnight limits will be increased to provide market liquidity to ensure that critical banking services are readily available to customers.

The Association in the statement also encouraged the public to patronize the various digital channels as it waives off internet banking charges and the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) charges for the period of the COVID-19 outbreak.

Though these measures will be reviewed after a period of three months, the Association states that it will continue to monitor the likely consequences of the pandemic on the banking sector and take the necessary steps to mitigate possible impact on customers, employees and the general public.