Citi Business News has gathered that the Bank of Ghana has approved for commercial banks to acquire shares in the Ghana Interbank Payment and Settlement Systems (GHIPPS).
[contextly_sidebar id=”RkD98YQFX7cYToGdeOVCmdLoQuFC7M4X”]This according to GHIPSS will allow for greater collaboration and efficiency with banks.
The Ghana Interbank Payment and Settlement Systems Limited is a wholly owned subsidiary of the Bank of Ghana.
It was incorporated in May 2007 with a mandate to implement and manage payment system infrastructures for banks and non bank financial institutions in Ghana.
In line with its mandate, GHIPSS has implemented and currently manages the National Switch and Biometric Smart Card Payment System, e-zwich and Cheque Codeline Clearing (CCC) as well as Automated Clearing House (GACH) systems.
Speaking to Citi Business News Chief Executive Officer of GHIPSS Archie Hesse said they are currently working on the valuation and out hopeful the process should be completed by early next year.
“It helps the buy in and it also supports the relationship with the banks. The Central bank decided in one of our meetings last year that this year shares should be offloaded to the banks. We are currently working on the valuation process while the banks are also currently deciding how the whole process would take place. Though the banks have cooperated in our initiative we want to take to another level and we believe that with the banks having shares they would support us along the way.”
Chief Executive Officer of GHIPSS Archie Hesse asked on when the process would be completed said GHIPSS was waiting for its financials for 2014 which has been completed.
He said while the banks are looking at their modalities they were also ensuring that the valuation was done saying that he was confident that by August there will be a position which the banks would let GHIPSS know how much percentage they wanted to acquire in the company.
By: Norvan Acquah – Hayford/citifmonline.com/Ghana