The Chief Executive Officer of the Ghana Interbank Payment and Settlement Systems Limited, GhIPSS, Mr. Archie Hesse has stated that with continuous development of new initiatives and the effective collaboration from the banks and other stakeholders, electronic forms of payment will eventually become the norm in Ghana.
Answering questions from journalists last week to mark GhIPSS’ tenth anniversary, he said the company has impacted positively on the country’s economy as it has chalked some remarkable successes. According to him the outlook for the company was even better as some initiatives introduced last year will gain momentum this year.
The Bank of Ghana, BoG, subsidiary was established in May of 2007, and mandated to migrate Ghana into an electronic payment community as part of efforts to modernise the country’s payment system.
GhIPSS began with the introduction of e-zwich biometric smart cards and later went on to introduce the Payment Distribution System that enabled various emoluments to be paid through the e-zwich system.
Apart from e-zwich, GhIPSS has also introduced the electronic clearing of cheques, the Automated Clearing House (ACH) system, Gh-link ATM interoperability, the hybrid point of sales devices and the instant pay among others.
According to Mr. Hesse, the system has witnessed consistent growth in the value and volume of its various initiatives, since its inception.
Giving a breakdown of how the outfit has performed over the years, he intimated that from a total value of transaction of only 3.8 million Ghana cedis in its first year of operations in 2008, it has seen a huge jump to 174.5 billion Ghana cedis last year.
Giving a breakdown of the growth in volumes, he said from that first year’s value of 3.8 million Ghana cedis, it increased consistently over the years to 54.6 billion Ghana cedis, three years after in 2011, and 125 billion Ghana cedis in 2014.
The year 2015 recorded a figure of 147.5 billion Ghana cedis, while last year recorded a value of 174 billion Ghana cedis.
He said the significant growth in the value of the transaction that GhIPSS records, was an indication of a gradual but significant drop in cash transactions.
“Last year, it also became possible for foreign remittances to be paid directly into the bank account of the recipients as well as directly onto the e-zwich card,” he added.
Mr. Hesse explained that these initiatives implemented through the banking system have accounted for the consistent and significant growth in the value of transactions.
Source: Goldsreet Business