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Ghana Further Waives Digital Banking Transactions Fee Till June 20

May 22, 2020

John Awuah Chief Executive Officer of GAB

Users of digital banking services in Kenya have got further relief from charges on digital transactions undertaken by them. The Ghana Association of Bankers (GAB) and the Ghana Interbank Payment and Settlement Systems (GhlPSS) have agreed to extend the waiver of fees on digital banking platforms to June 20, 2020.

“The two Institutions reiterate and advise their customers to observe full compliance with the protocols issued by the World Health Organisation, the Ghana Health Service and the President of the Republic to stem the spread of COVID 19,” the statement said.

Here Is What You Need To Know

The waiver of fees, which took effect on March 23, 2020 was part of measures put in place to encourage customers to use digital payment alternatives or transactions and reduce contacts with banknotes to avoid the possible spread of the novel Coronavirus disease.
They, therefore, encouraged all customers to continue using their alternate digital banking platforms and visit physical branches of Banks only when it was ‘absolutely important and necessary’ to do so.
This was contained in a statement jointly issued by the Chief Executive Officers of GAB and GhIPSS and copied to the Ghana News Agency in Accra.

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GhIPSS resumes charges on Mobile Money Interoperability May 23

May 12, 2020

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.

“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.

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.

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.

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