No Result
View All Result
Saturday, June 3, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Pay us by borrowing from treasury bill market- Pensioner bondholders reiterate calls to govt

    Ghana’s energy sector needs audit to ascertain debt levels – COPEC

    Sole implementation of cylinder recirculation model threatens our investment – LPG Operators

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Independent Power Producers demand 30% payment of arrears

    We are confident of meeting IMF conditions for fiscal consolidation – Ofori – Atta

    Fuel pricing: COPEC predicts marginal drop in first window of June 2023

    ACEP pushes for research in Africa’s energy sector

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

    Fuel pricing: COPEC predicts marginal drop in first window of June 2023

    ACEP pushes for research in Africa’s energy sector

    African leaders urged to employ energy policies that will transform Africa

    COVID -19 levy must be abolished – Importers & Exporters insist

    Halt implementation of utility tariffs increment- FABAG tells govt

    Govt maintains COVID-19 levy despite calls for removal

    Strengthen Financial Stability Fund to support struggling banks – Dr. Atuahene

  • TECHNOLOGY

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Pay us by borrowing from treasury bill market- Pensioner bondholders reiterate calls to govt

    Ghana’s energy sector needs audit to ascertain debt levels – COPEC

    Sole implementation of cylinder recirculation model threatens our investment – LPG Operators

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Independent Power Producers demand 30% payment of arrears

    We are confident of meeting IMF conditions for fiscal consolidation – Ofori – Atta

    Fuel pricing: COPEC predicts marginal drop in first window of June 2023

    ACEP pushes for research in Africa’s energy sector

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

    Fuel pricing: COPEC predicts marginal drop in first window of June 2023

    ACEP pushes for research in Africa’s energy sector

    African leaders urged to employ energy policies that will transform Africa

    COVID -19 levy must be abolished – Importers & Exporters insist

    Halt implementation of utility tariffs increment- FABAG tells govt

    Govt maintains COVID-19 levy despite calls for removal

    Strengthen Financial Stability Fund to support struggling banks – Dr. Atuahene

  • TECHNOLOGY

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Use of electronic payment channels records 81% growth in 2020 1st half – GhIPSS

byNerteley Nettey
July 23, 2020
in Banking And Finance, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Latest figures from the Ghana Interbank Payment and Settlement Systems (GhIPSS) show that patronage of electronic payment channels that go through the GhIPSS platform, increased by 81 percent in the first half of this year compared to the same period last year.

According to GhIPSS, the total volume of transactions spanning January to June 2020, stood at over 29 million compared to about 16 million transactions for the same period in 2019.

It also stated that specific channels such as GhIPSS Instant Pay (GIPS) saw a huge growth of almost 600 percent, while Mobile Money Interoperability grew by over 444 percent in the first half of this year.

ADVERTISEMENT

In an interview with Citi Business News, Chief Executive Officer (CEO) of GhIPSS, Mr. Archie Hesse said the increase is driven mainly by transfers from account to wallet which represented 86% of GIP transfers.

“The GIP and MMI platforms recorded significant growth in volumes going up by 600% from 300 thousand in 2019 half year and 444% from 2.5 million in 2019 half year respectively. GIP’s outstanding performance is largely driven by tranfers from account to wallet: a total of 2.1 million transfers representing 86% of GIP transfers,” he said.

However, the transactions, captured in the GhIPSS product performance report which include electronic clearing of cheques, Automated Clearing House (ACH), e-zwich and gh-link suffered varying levels of decline in transaction volumes.

“This year’s total transaction volume of 29 million transactions represents a growth of 81% over the 2019 half year performance of 16 milion transactions. The clearing house, e-zwich and gh-link suffered varying levels of decline in the transaction volumes. Gh-link was the worst affected in the period and declined by 29%, this poor performance was followed by e-zwich which declined in volume by 4% because customers are unable to access services from the banks,” he said.

He also stated that the country is making steady progress towards becoming a cashlite society, as about 60 per cent of all financial transactions were initiated and completed on the various electronic platforms in use.

The service was introduced in May, 2018, recording about 100,000 transactions in its first few weeks.

With the introduction of electronic payments in the country, customers are now able to make transactions or pay for goods and services through an electronic medium, without the use of cheques or cash.

This eliminates the hitherto complexities and inconveniences associated with transfers across the various networks in the country.

The electronic payment system has also been seen as a significant vehicle to deepen financial inclusion to promote cashless transaction in Ghana.

It will also serve as a viable vehicle for financial intermediation; as businesses and individuals can use money digitally.

The GhIPSS

Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) is a wholly-owned subsidiary of the Bank of Ghana. It was incorporated in May 2007 with a mandate to implement and manage interoperable payment system infrastructures for banks and non-bank financial institutions in Ghana.

In line with its mandate, GhIPSS has implemented and currently manages the following: National Switch & Biometric Smart Card Payment System- e-zwich, Cheque Codeline Clearing (CCC) System, Ghana Automated Clearing House (GACH) systems- Direct Credit & Direct Debit and the National Switching and Processing System- gh-link.

GhIPSS is committed to maintaining very high standards of excellence, reliability, integrity, and timeliness for all its infrastructure. These standards have enabled GhIPSS to attain ISO27001 certification. GhIPSS´ payment infrastructure is currently used by all banks in Ghana including the ARB Apex Bank and its affiliates, Savings and Loans Companies and third Party Payment Providers.

Related Posts

Top Stories

Pay us by borrowing from treasury bill market- Pensioner bondholders reiterate calls to govt

byNii Larte Lartey

As the pensioner bondholders continue picketing at the Finance Ministry today over unpaid coupons, the group has renewed calls for...

Read more

Ghana’s energy sector needs audit to ascertain debt levels – COPEC

Sole implementation of cylinder recirculation model threatens our investment – LPG Operators

Mobile money disrupted banking in Ghana – Zeepay CEO

Independent Power Producers demand 30% payment of arrears

We are confident of meeting IMF conditions for fiscal consolidation – Ofori – Atta

Fuel pricing: COPEC predicts marginal drop in first window of June 2023

Next Post

Mid-Year Budget Review: Economist urges gov't to reduce expenditure

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.