The Ghana Interbank Payment and Settlement Systems (GhIPSS) is confident of having a functional mobile money interoperability system by November this year.
In order to meet the government’s deadline in November, the Chief Executive Officer (CEO) of GhIPPS, Mr Archie Hesse, speaking to the press in Accra said officials of the company had met with all the stakeholders involved and was working to make it a reality.
He said interoperability among telcos was extremely important, adding that the absence of it served as a stumbling block to the goal of enhancing financial inclusion through mobile money.
“GhIPSS currently has the infrastructure that supports interoperability among banks and this technology could be extended to also cover the telcos,” he said.
The CEO also pointed out that its mandate to provide the platform for mobile money interoperability would save the country huge sums of money.
The Bank of Ghana initially contracted Sibton Switch Systems to provide the platform for this exercise for an amount of GH¢4.6 billion.
Mr Hesse was confident GhIPPS would provide the platform for a cheaper amount.
“We already have an infrastructure that we are currently using for the banks so it is very likely that we will not buy new systems; if at all maybe upgrade, so we will be riding on the back of the current infrastructure,” he said.
“Under the circumstances, if you have an infrastructure that you might need to perform a function, it is most likely to be cheaper than starting from the scratch,” he said.
GhIPPS organised the press launch to announce its plans for the 10th Anniversary Celebration.
The company used the launch to highlight its achievements over the 10-year period and also to provide the media with planned activities for the week long festivity.
Mr Hesse said the company had in the last 10 years contributed to the growth of the country’s financial sector with the development of electronic payment platforms.
He noted that GhIPSS had also introduced a number of platforms which were currently being used to facilitate convenience in banking and financial inclusion in the country.
“Our first product was e-zwich, then we automated the cheque clearing system; reducing the cheque clearing cycle from three to 10 days to same-day or next day," he added.
Outline for the week celebration
The Celebration which is on the theme: "10 Years of Promoting Electronic Payments in Ghana", will begin with a Public Lecture on the Evolution of Payment Systems in Ghana.
This event will be chaired by a former Governor of the Bank of Ghana, Dr Paul Acquah.
This will be followed by the commemoration of the anniversary, wherein the Vice President will deliver a keynote address for the celebration.
GhIPSS will also be making a donation to the Accra Psychiatric Hospital as part of its Corporate Social Responsibility (CSR). The week's activities will end with a thanksgiving service at the Accra Ridge Church on Sunday, June 4.