GhIPSS Asked To Rethink MoMo Fees Reintroduction

Daniel Mensah

THE GHANA Association of Bankers is pushing for a meeting between the Ghana Interbank Payment and Settlement Systems (GhIPSS) and the Governor of the Bank of Ghana (BoG) over the former’s decision to re-introduce fees charged on electronic transactions.

GhIPSS, has in a statement to banks and other partner agencies, announced that it will from May 23, 2020, resume the charging of fees on mobile money interoperability, GhIPSS instant pay, Banks & Fintechs offering Instant Pay services to their respective customers, and banks leveraging the ACH Direct Credit platform for bulk payments such as salaries.

The fees were waived in March this year as part of measures to contain the spread of Covid-19 by encouraging cashless transactions.

A statement signed by the CEO of the Ghana Association of Bankers, Daniel K. Mensah, said banks had communicated to their customers that the waiver would last throughout the pandemic, hence any decision to reintroduce them would be detrimental to the image and credibility of the banking industry.

GhIPSS is yet to respond to this call by the Ghana Association of Bankers.

As part of efforts to promote and encourage the use of digital payment options to limit the possible spread of coronavirus through physical cash, the GhIPSS, in March, said it had waived off fees on all electronic payments services used by its partner financial service providers.

The fee waiver, which was introduced from Monday, 23rd of March, 2020, was regardless of the volume and value of transactions.

In a statement, the GhIPSS said that this was “pursuant to the measures outlined by the central bank of Ghana, as part of efforts to contain the impact of the Covid-19 pandemic on the Ghanaian economy and also to promote the use of electronic payment services.”

– Citibusiness