Ghana: Launch of new instant interbank payment system

Jul 04, 2014

The Ghana Interbank Payment Systems (GhIPSS) is introducing a new payment system that instantly transfers money from one account to another.

The Ghana Interbank Payment Systems (GhIPSS) is introducing a new payment system that instantly transfers money from one account to another.

Chief Executive of GhIPSS Archie Hesse said that the introduction of the interbank instant payment service would encourage businesses to use the banking system in the country, CAJ news Africa reports.

He added that new services such as the instant payment, and the roll out of Point of Sales terminals, which improves people's access to their monies at the banks, should "significantly" reduce the number of people that do not own a bank account.

Currently, transfers from one account to the other take up to 24 hours.

With 15 million adults and just 4.5 million bank accounts,
the
majority of people in Ghana do not have access to formal financial services - although the ratio of banked-to-unbanked adults is higher than average for sub-Saharan Africa, according to a report from the Consultative Group to Assist the Poor (CGAP).ADNFCR-2976-ID-801733228-ADNFCR