GhIPSS Waives Off Transfer Charges

Archie Hesse, CEO, GhIPSS

THE GHANA Interbank Payment and Settlement Systems Ltd (GhIPSS), in partnership with all banks, Fintechs and mobile money operators, has waived off fees on electronic payments services used by its partner financial service providers.

According to GhIPSS, “This waiver is regardless of the volume and value of transactions, until further notice.”

It said this was to help promote the use of electronic payment services.

“Starting Monday, the March 23, 2020 all banks, Fintechs and mobile money operators, leveraging the following platforms to offer electronic payment services to the general public, will not incur any service charges,” it stated.

GhIPSS also directed that all cross wallet transactions on the mobile money interoperability platform will not attract any fee from GhIPSS. Also, banks and Fintechs offering Instant Pay services to their respective customers will also not pay any service charge to GhIPSS. Furthermore, banks leveraging the ACH Direct Credit platform for bulk payments such as salaries; on behalf of their corporate Institutions will also not incur any service charge from GhIPSS.

GhIPSS said it was optimistic the fee waiver would contribute to efforts by its partners to promote and encourage the use of digital payment options to limit the possible spread of the COVID-19 virus through physical cash.

It has therefore urged all partner banks, Fintechs and mobile money service providers to make these services available to customers on their various digital and mobile payment platforms (mobile app, internet banking, USSD etc.)

“GhIPSS also appeals to the general public to turn to these and other electronic payments options and avoid the use of physical cash as much as practicable. The GhQR & Proxy Pay service which will be launched on the March 25 will also provide additional channels for the public to transact electronically. The company takes this opportunity to reiterate the call on the public to observe personal hygiene and social distancing in order to curb the spread of the novel corona virus,” it noted.

BY Samuel Boadi