Banking

Banks and third-party companies in Ghana have been commended for their role in driving patronage for electronic payments in the past year. The role by these institutions and their customers, have led to significant growth in the various electronic payments products and services, as noted by the management of Ghana Interbank Payment and Settlement Systems (GhIPSS).

As part of the effort to drive non-cash forms of payments in Ghana, a number of banks and financial institutions are offering discounts to customers who shop off their debit cards at particular shopping outlets. GhIPSS’s CEO, Archie Hesse, called for more collaborations between banks and merchants so that such incentives can be provided regularly.

According to the Ghana Interbank Payment and Settlement System (GhIPSS), virtually every company or organisation in Ghana which has used the e-zwich to pay various remunerations have made some savings. While some have saved up to millions of Ghana cedis others have saved several thousands of Ghana cedis.

The public has been urged to resort more to electronic forms of payment in order to reduce their exposure to armed robbery and related risks. The Chief Executive of Ghana Interbank Payment and Settlement System (GhIPSS), Archie Hesse gave the advice following reports of two separate armed robbery attacks in two successive days and other instances, in which huge sums of cash were believed to have been stolen.

According to Archie Hesse, a concerted effort is required to populate Ghana with many point of sales (POS) and other electronic payment channels. He said the State, stakeholder institutions and business owners, must work together to ensure effective deployment of POSes and other devices that accept electronic payments.

Large corporate organisations and public sector institutions can receive instant payment electronically if they sign onto the e-bills pay system introduced by Ghana Interbank Payment and Settlement System (GhIPSS). This should address payment challenges and improve efficiency at these organisations.

The use of e-bills pay, an electronic payment system that enables large corporate institutions to receive payment via the internet or mobile applications, can reduce the human interface and help bring down corruption at public institutions. E-bills pay is one of the latest initiatives by Ghana Interbank Payment and Settlement Systems (GhIPSS), the national payment infrastructure provider.