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July 4, 2020
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GhIPSS waives off Interbank and cross wallet Transfer Charges

The Ghana Interbank Payment and Settlement Systems Limited (GhIPSS), a wholly owned subsidiary of the Bank of Ghana, 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.

The waiver is regardless of the volume and value of transactions, until further notice.

In a statement on Sunday, GhIPSS said the move was in line with the measures outlined by the Central Bank as part of efforts to contain the impact of COVID-19 pandemic on the Ghanaian Economy and also to promote the use of electronic payment services.

Starting Monday, March 23, 2020, all cross-wallet transactions on the mobile money interoperability platform shall not attract any fee from GhIPSS.

Also, Banks & Fintechs offering Instant Pay services to their respective customers shall also not pay any service charge to GhIPSS as well as Banks leveraging the ACH Direct Credit platform for bulk payments such as salaries; on behalf of their corporate Institutions shall also not incur any service charge from GhIPSS.

“Banks, Fintechs and Mobile Money Operators, leveraging Mobile Money Interoperability to offer electronic payment services to the general public shall not incur any service charges,” the statement said.

“GhIPSS is optimistic the fee waiver will 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 added.

The company 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 appealed to the public to turn to these and other electronic payment options and avoid the use of physical cash as much as practicable.

It said The GhQR and Proxy Pay service which will be launched on 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,” the statement added.


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