The Ghana Interbank Payments and Settlements Systems (GhIPS) has directed financial institutions to end the fee waiver granted to customers who use the GhIPSS Instant Pay (GIP), Mobile Money Interoperability (MMI) and ACH Direct Credit to transact business. “Following a review of financial position, we have decided we are unable to sustain the fee waiver regime any further and will re-instate all transaction fees with effect from May 23, 2020,” GhIPSS was quoted as saying. Earlier, GhIPSS announced a waiver of transaction fees across three platforms namely; GhIPSS Instant Pay (GIP, Mobile Money Interoperability (MMI) and ACH Direct Credit.
This action was in support of the call to the financial services industry by the Bank of Ghana to encourage and promote the use of electronic payments and also to lighten the financial burden on the vulnerable members of the public in the light of the global pandemic and the impending containment measures by the Government of Ghana. According to GhIPSS, “The sustainability of this gesture was premised on the assumption that inflows from our cheque and e-zwich business will cushion the company over the period of the waivers. Conversely, there was a significant reduction in the use of these two services; gravely impacting our bottom line,” hence the decision to end the fee waiver on the three platforms.
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“We appreciate your support in passing on the benefits of these waivers to your customers and trust that we can count on you for future collaborations to promote the use of electronic payments services in Ghana,” the statement added.
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On March 19, the Central Bank announced some measures including the waiving of fees on some digital payment options including mobile money aimed at reducing cash transactions and boosting digital payments. One of the key measures was that all mobile money users can send up to GH¢100 for free (excluding cash out). This includes sending to a recipient on the same network, or another network via the interoperability platform. Also, all mobile phone subscribers are now permitted to use their already existing mobile phone registration details to be on-boarded for Minimum KYC Account.
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This subsequently led to GhIPSS announcing a waiver of transaction fees across three platforms namely: GhIPSS Instant Pay (GIP), Mobile Money Interoperability (MMI), and ACH Direct Credit.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry