The Ghana Interbank Payment and Settlement Systems (GhIPSS) is seeking to reduce the turnaround time for payment of goods and services with the introduction of an E-bills payment platform.
The platform is among others expected to reduce the use of cash as government works to attain a cashless economy.
Checks by Citi Business News indicate that the program which is in its early stages of implementation, some state agencies are gradually accepting its use.
The CEO of GhIPSS, Archie Hesse explains that the e-bills payment platform is to facilitate payment for goods and services procured via online platforms.
The E-bills connects the payment platform for a specific merchant with GhIPSS instant pay which allows interbank cash transactions in real time.
“So if the cement factory for example wants to sell to wholesalers, you could go unto their website, complete the transaction process and when it is done, it defaults to the instant pay. So when you make payments, the wholesaler will know that you have paid and goods will follow. Currently you would have to go to designated banks to pay,” he told Citi Business News.
He added, “GhIPSS Instant pay plus a merchant platform that has been joined together.”
Already, the Ghana Community Network Services Limited (GCNet) and the Government Integrated Financial Management Information System (GIFMIS) have advanced plans to hook unto the platform.
The two institutions are seeking to reduce the turnaround time for payments and prevent revenue leakages.
Mr. Hesse tells Citi Business News his outfit is working closely with the institution.
“We just started and two main government institutions have come to see us that is, GCNet and GIFMIS, that they want to link their payment systems with instant pay. In so doing with GCNet for example, once you get the order number and complete the online payment process, you do not need to go to the Port; GCNet will debit the clients account and credit that of the port.”
Total GhIPSS transactions hit GH¢208 bn
In 2017, the volume of total transactions processed on all GhIPSS platforms reached 25 million.
This translated into a value of 208 billion cedis; up from the 174 billion cedis recorded in the preceding year.
Of this, transactions on the clearing house which involves express cheques and direct credit among banks, recorded the highest increase of 204 billion cedis.
Meanwhile, payment via ezwich by government agencies, foreign donors and some private institutions remain key drivers of growth for ezwich transactions.
–
By: Pius Amihere Eduku/citibusinessnews.com/Ghana