Tag: Ghana Interbank Payment and Settlement Systems
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GhIPSS’ role in payment system space must be properly defined – MTN Mobile Money Manager
The General Manager of Mobile Money Limited, a subsidiary of MTN Ghana, Eli Hini, says the role of the Ghana Interbank Payment and Settlement Systems, GhiPSS in the country’s payment system has to be properly defined. According to Mr. Hini, there is a lack of clarity regarding what functions GhIPSS performs especially with the passage…
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Corporate Ghana still relies on cheque payments; individual cheques drops significantly
The Ghana Interbank Payment and Settlement Systems, GhIPSS, says even though the use of cheques among individuals has decreased, the number cash cheques cleared by companies keep increasing. According to GhIPSS, the value of cash cleared through cheques went up significantly in 2019 reaching over 207 billion cedis. Speaking to Citi Business News, the CEO…
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GhIPSS allays fears increasing usage of Instant Pay feature will crash its system
The Ghana Interbank Payment and Settlement System (GhIPSS), has allayed fears that the growing number of mobile money subscribers on its Instant Pay platform could crash the system in the future. Some observers of the financial space who raised the concern say the current system run by GhIPSS may not support the huge mobile money…
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GhIPSS to launch universal QR Code payment system for all banks in March 2020
The Ghana Interbank Payment and Settlement Systems (GhIPSS) says it will launch a universal QR Code for all banks in March this year to harmonize QR Code payment systems in Ghana. Currently, almost all banks have their unique QR codes for electronic payments, a development that restricts customers to only use their bank’s QR Code…
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Banks must innovate or fall victim to disruption – eTranzact MD
The Managing Director of eTranzact Ghana, George Babafemi, says financial institutions must as a matter of priority, introduce relevant innovations to complement the disruptive effect of mobile money else they risk being pushed out of business. Until recently, cheque as a means of payment was the most popular and preferred, but data from the Bank…
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MoMo interoperability reaches 1 million monthly transactions in September
The volume of mobile money transactions done across different networks reached one million transactions in September this year, the highest number of transactions reorded in a single month since the service was introduced last year. The latest figure compares to the 312,000 transactions in September 2018, representing an increase of over 250 percent. The update in…
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GhiPSS ready to support gov’t e-payment agenda
The Ghana Interbank Payment and Settlement Systems (GhIPSS) has said it is ready to provide a wide range of payment services for the public sector payment system for all government projects. The Vice President, Dr. Mahamudu Bawumia has earlier indicated that government projects will all paid through electronic means by the middle of next year…
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Ghana is undisputed leader in electronic payments in Africa – Veep
Vice President Dr. Mahamudu Bawumia on Wednesday touted Ghana’s electronic payment credentials, saying that, the country is the undisputed leader in the payment systems arena in Africa. He mentioned the mobile money interoperability payment system that enabled one to transfer money from his/her bank account to the mobile money wallets conveniently as one of the…
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Bawumia set to launch GhIPSS card with dual functionality
Vice-President Dr. Mahamudu Bawumia will on Wednesday, August 7, launch a GhIPSS bank card, which has the functionalities of an e-zwich and gh-link card, as part of efforts to encourage the use of cards for transactions. It is to provide the public with the option of carrying one card with dual functionality instead of two…
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GhIPSS to migrate e-payment transactions to new server
The Ghana Interbank Payment and Settlement Systems GhIPSS has disclosed to Citi Business News that all electronic payment transactions will be migrated onto new servers it has secured, next month. The upgraded servers would be used for the next five years. According to GhIPSS, this should help address challenges associated with electronic transactions including mobile…