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Containing COVID-19: GhIPSS removes charges on all electronic payments

The Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) has removed charges on all electronic payments services used by its partner financial service providers.

CEO of GhIPSS, Archie Hesse

This is part of measures put in place to encourage the public to use digital payment options to limit the possible spread of the Coronavirus through the use of cash.

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The waiver which is effective today (Monday, March 23, 2020) will apply to any amount or volume of transaction.

A statement released by GhIPSS said that this is “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.”

“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,” the statement added.

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 (mobile app, internet banking, USSD, etc.)

Ghana has so far recorded 24 cases of coronavirus with one death. The death involves a 61-year-old Lebanese resident in Ghana who died on Saturday (March 21, 2020).

The government and other businesses have been announcing safety measures to curb the spread of the novel Coronavirus.

The Bank of Ghana announced that charges will not apply to electronic money transfers of up to GHC100 effective March 20, 2020.

“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.”

Stanbic Bank for instance in a message advised its customers to ensure they have less contact with banknotes while admonishing the use of digital channels.

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