COVID-19: Charges on Electronic Payments via GhIPSS Platform Now Free
Effective today March 24, 2020, the Ghana Interbank Payment and Settlement Systems (GhIPSS) platform will not charge any fee for any electronic payments done through its platform.
The move is to prevent the spread of the coronavirus through the use and handling of physical cash.
In a meeting with all banks, Fintechs and mobile money operators, the GhIPSS agreed that the waiver applies to any volume and value of transaction and will continue until further notice.
The affected transactions include Mobile Money Interoperability, GhIPSS Instant Pay and Automated Clearing House- Direct Credit.
In a statement, the GhIPSS said: “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.”
The statement further indicated that all banks and fintechs leveraging their platform in the wake of COVID-19 to encourage the use of electronic payment shall not be charged any fee from GhIPSS.
“For customers who do business through Mobile Money Interoperability (MMI), all cross wallet transactions shall not attract any fee from GhIPSS. For GhIPSS Instant Pay (GIP), Banks & Fintechs offering Instant Pay services to their respective customers shall also not pay any service charge to GhIPSS. And for 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.”
Ghana has so far recorded 24 cases of COVID-19 with one death involving a 61-year-old Lebanese resident.
What advice did GhIPSS give to banks, Fintechs and the General Public?
The GhIPSS urged the general public to take advantage of the new arrangement to prevent the spread of the virus.
“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 coronavirus. The GhQR & Proxy Pay service which will be launched on the 25th of March will also provide additional channels for the public to transact electronically.”
The company also 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.