Ghana showcases instant and interoperable payment system to Africa

The Ghana Interbank Payment and Settlement Systems (GhIPSS) has partnered with AfricaNenda to showcase Ghana’s interoperability ecosystem to some selected African countries that are still in the process of developing a similar system.

 Ghana’s Instant Payment solution, is considered one of the most advanced in Africa based on AfricaNenda's State of Instant and Inclusive Payment Systems (SIIPS) in Africa report 2022.

GhIPSS has since 2022 processed a monthly average of 17.9 million Instant Payment transactions through the interoperability ecosystem which includes 55 financial institutions working together to facilitate the movement of funds across different payment platforms in the country.

AfricaNenda is an African-led team of experts committed to unlocking the potential of digital financial services for the financially excluded across the continent by accelerating the scale-up of instant and inclusive payment systems.

Ghana's progress in developing an Instant Payment solution has reached different stages, which can be a source of inspiration for other African countries.

As a result, AfricaNenda has partnered with GhIPSS to organise a peer learning visit for some selected African countries to help improve on their payment systems.

The visit, which commenced Tuesday, is expected to enhance the understanding and knowledge of central banks and switch operators in specific thematic areas.

During the learning visit, central bank representatives from Burundi, Democratic Republic of Congo, Rwanda, Sierra Leone, and switches such as Rwanda Rswitch, Zambia Electronic Clearing House Limited (ZECHL) and Central Africa GIMAC will participate in technical learning sessions, networking sessions and field visits.

The participants will gain valuable insights into GhIPSS's scheme rules, business model and use cases.

The learning visit will also help participating countries establish relevant networks and contacts to foster further sharing of expertise.

The Chief Executive Officer of GhIPSS, Archie Hesse said GhIPSS was excited about the partnership as it gives an opportunity to share the experiences and lessons learnt on Ghana’s journey to achieving inclusive payments.

“I am optimistic this knowledge sharing experience will provide the needed guidance to the various participating countries as they embark on the development and deployment of their instant payment solutions," he said.

He added that GhIPSS instant Pay is ranked under “progressed inclusivity as it not only meets the fundamental IIPS criteria but also provides inclusive functionality that supports the most widely used channels and essential use-cases, including P2P and P2B transactions.

The CEO of AfricaNenda, Dr Robert Ochola said Ghana's experience offers critical lessons and good practices for regulators and policymakers in other countries, which was aligned with the organisation’s agenda to accelerate knowledge sharing and enhance the capacity of African institutions.

GhIPSS

The Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) is a wholly owned subsidiary of the Bank of Ghana. It was incorporated in May 2007 with a mandate to implement and manage interoperable payment system infrastructures for banks and non-bank -financial institutions in Ghana.

In line with its mandate, GhIPSS has implemented and currently manages the National Biometric Smart Card Banking and Retail System- e-zwich, Cheque Codeline Clearing (CCC) System, Automated Clearing House (ACH) Systems,  National Switching and Processing System <\a> gh-link™ and the GhIPSS Instant Pay - (GIP).

The GhIPSS’ payment infrastructure is used by all banks in Ghana including the ARB Apex Bank and its affiliates, (The Apex body for Rural and Community banks) Savings and Loans Companies and Third-Party Payment Services Providers (International Card Schemes, Mobile Money Companies and Fintechs.