Archie Hesse
Fintech companies in Ghana have been urged to assist companies whose systems endorse e-Bills payment to engender smooth transactions.
This follows the introduction of the e-Bills system, the latest initiative by the Ghana Interbank Payment and Settlement Systems (GhIPSS), which enables various institutions to transact business and receive payment instantly through electronic means.
The organisations currently need to develop service Apps or websites that would enable them receive funds electronically.
However, the development of such information technology Apps can only be done by Fintech companies.
Speaking in an interview, Chief Executive of GhIPSS, Archie Hesse, explained that business opportunity for Fintechs to develop Apps for use by e-Bills compliant companies was enormous since it is a virgin area.
Also, he said a lot of companies were gearing up to use the service.
The e-Bills pay is similar to the instant pay but it is meant for organisations instead of individuals.
Considered very suitable for manufacturing companies and distributors which deal with many wholesalers and retailers, it could also be used by airlines and big hotels to receive payments from customers and considered a critical payment option for public sector institutions which receive taxes, levies and fees.
Mr. Hesse explained that since many companies would need to use e-Bills pay, it was important for Fintech companies to approach them earliest to help develop and set them up to use the e-Bill system.
“E-bills pay is up and running and various institutions are hooking up to the system, but there are many more that Fintechs must go and help to also get on board,” he stated.
Currently payments globally are mainly electronic, as it is more efficient, cheaper and secured.
It also provides audit trail and reduces the human interface that potentially leads to corruption and pilfering.
Mr Hesse therefore encouraged companies to embrace technology and maximise its usage for the benefit of their operations.
He expressed the hope that Fintechs would seize the opportunity and fit into this electronic payment ecosystem.
The Chief Executive also urged Fintechs to develop very robust systems, adding that GhIPSS would ensure that only properly developed systems that could stand the test of time would be accepted onto the national e-Bills payment platform.
A business desk report